https://www.stuvia.com/user/lectkeshi
TEST BANK FOR
Intermediate Accounting Volume 2 8E Thomas
H. Beechy, Joan E. Conrod, Elizabeth Farrell,
Ingrid McLeod-Dick, Kayla Tomulka, Romi-
Lee Sevel Chapter 12-22 Answers are at the
End of Each Chapter
,https://www.stuvia.com/user/lectkeshi
,https://www.stuvia.com/user/lectkeshi
Chapter 12
Student name:
1) Conceptually, liabilities constitute a present obligation as a
result of a past event and entail an expected future sacrifice
of assets or services.
⊚ true
⊚ false
2) Under ASPE, only legal obligations are recognized.
⊚ true
⊚ false
3) A reasonable expectation on the part of a company's
stakeholders arising from a company's past practices or
behaviour may constitute a constructive obligation in
certain instances.
⊚ true
⊚ false
4) A contingency may become a provision if the likelihood
of the contingent event greatly increases.
⊚ true
⊚ false
5) Under IFRS, most financial liabilities are valued at fair value.
⊚ true
, https://www.stuvia.com/user/lectkeshi
⊚ false
TEST BANK FOR
Intermediate Accounting Volume 2 8E Thomas
H. Beechy, Joan E. Conrod, Elizabeth Farrell,
Ingrid McLeod-Dick, Kayla Tomulka, Romi-
Lee Sevel Chapter 12-22 Answers are at the
End of Each Chapter
,https://www.stuvia.com/user/lectkeshi
,https://www.stuvia.com/user/lectkeshi
Chapter 12
Student name:
1) Conceptually, liabilities constitute a present obligation as a
result of a past event and entail an expected future sacrifice
of assets or services.
⊚ true
⊚ false
2) Under ASPE, only legal obligations are recognized.
⊚ true
⊚ false
3) A reasonable expectation on the part of a company's
stakeholders arising from a company's past practices or
behaviour may constitute a constructive obligation in
certain instances.
⊚ true
⊚ false
4) A contingency may become a provision if the likelihood
of the contingent event greatly increases.
⊚ true
⊚ false
5) Under IFRS, most financial liabilities are valued at fair value.
⊚ true
, https://www.stuvia.com/user/lectkeshi
⊚ false
