Test bank
Intermediate accounting volume 2
8th edition by Thomas H. Beechy and Conrod
All Chapters 1-22 Covered
,TABLE OF CONTENT
c c
Chapterc12:cFinancialcLiabilitiescandcProvisions
Chapterc13:cFinancialcInstruments:cLong-TermcDebt
Chapterc14:cShareholders'cEquity
Chapterc15:cFinancialcInstruments:cComplexcDebtcandcEquity
Chapterc16:cCorporatecIncomecTax
Chapterc17:cTaxcLosses
Chapterc18:cLeases
Chapterc19:cPost-EmploymentcBenefits
Chapterc20:cEarningscpercShare
Chapterc21:cAccountingcChanges
Chapterc22:cFinancialcStatementcAnalysis
,Intermediate Accounting Volume 2 8E Thomas H. Beechy, Joan E. Conrod, Eli
c c c c c c c c c c c
zabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-
c c c c c c
Lee Sevel Chapter 12-22
c c cAnswers are at the End of Each Chapter
c c c c c c c
Chapter 12 c
Student name:
c
1) Conceptually,cliabilitiescconstitutecacpresentcobligationcascacresultcofcacpastceventcandcentailca
ncexpectedcfuturecsacrificecofcassetscorcservices.
⊚c true
⊚c false
2) UndercASPE,conlyclegalcobligationscarecrecognized.
⊚c true
⊚c false
3) Acreasonablecexpectationconcthecpartcofcaccompany'scstakeholderscarisingcfromcaccompany'
scpastcpracticescorcbehaviourcmaycconstitutecacconstructivecobligationcinccertaincinstances.
⊚c true
⊚c false
4) Accontingencycmaycbecomecacprovisioncifctheclikelihoodcofctheccontingentceventcgreatlyci
ncreases.
⊚c true
⊚c false
5) UndercIFRS,cmostcfinancialcliabilitiescarecvaluedcatcfaircvalue.
⊚c true
⊚c false
, 6) Ancimprovementctocaccompany'sccreditcratingcundercIFRScwillcleadctocacreductioncincthecc
arryingcamountcofcanycfinancialcliabilitiescandcacgaincbeingcreportedcincOCI.
⊚c true
⊚c false
7) Loancguaranteescareconlycrecordedcifctheycareclikelyctocbecpaid.
⊚c true
⊚c false
8) Accruedcliabilitiescmadecduectocroutinecoperatingcexpensescarecnotcnormallycdiscounted.
⊚c true
⊚c false
9) Forcacsmallcpopulation,cthecbestcestimatecforcthecamountcofcacprovisioncthatcmustcb
ecrecognizedciscthecexpectedcvaluecofcthecpossiblecoutcomes.
⊚c true
⊚c false
10) UndercIFRS,cprovisionscarecalwayscrecordedcatctheircexpectedcvalue.
⊚c true
⊚c false
11) Forcaclargecpopulation,cthecbestcestimatecforcthecamountcofcacprovisioncthatcmustcbecreco
gnizedciscthecmostclikelycoutcomecwithcrespectctocthecexpectedcvaluecandccumulativecpro
babilities.
⊚c true
⊚c false
12) UndercASPE,ccontingentcliabilitiescwhichcarecmoreclikelycthancnot,carecaccruedcatctheclowestc
endcofcthecrange.
⊚c true
⊚c false
Intermediate accounting volume 2
8th edition by Thomas H. Beechy and Conrod
All Chapters 1-22 Covered
,TABLE OF CONTENT
c c
Chapterc12:cFinancialcLiabilitiescandcProvisions
Chapterc13:cFinancialcInstruments:cLong-TermcDebt
Chapterc14:cShareholders'cEquity
Chapterc15:cFinancialcInstruments:cComplexcDebtcandcEquity
Chapterc16:cCorporatecIncomecTax
Chapterc17:cTaxcLosses
Chapterc18:cLeases
Chapterc19:cPost-EmploymentcBenefits
Chapterc20:cEarningscpercShare
Chapterc21:cAccountingcChanges
Chapterc22:cFinancialcStatementcAnalysis
,Intermediate Accounting Volume 2 8E Thomas H. Beechy, Joan E. Conrod, Eli
c c c c c c c c c c c
zabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-
c c c c c c
Lee Sevel Chapter 12-22
c c cAnswers are at the End of Each Chapter
c c c c c c c
Chapter 12 c
Student name:
c
1) Conceptually,cliabilitiescconstitutecacpresentcobligationcascacresultcofcacpastceventcandcentailca
ncexpectedcfuturecsacrificecofcassetscorcservices.
⊚c true
⊚c false
2) UndercASPE,conlyclegalcobligationscarecrecognized.
⊚c true
⊚c false
3) Acreasonablecexpectationconcthecpartcofcaccompany'scstakeholderscarisingcfromcaccompany'
scpastcpracticescorcbehaviourcmaycconstitutecacconstructivecobligationcinccertaincinstances.
⊚c true
⊚c false
4) Accontingencycmaycbecomecacprovisioncifctheclikelihoodcofctheccontingentceventcgreatlyci
ncreases.
⊚c true
⊚c false
5) UndercIFRS,cmostcfinancialcliabilitiescarecvaluedcatcfaircvalue.
⊚c true
⊚c false
, 6) Ancimprovementctocaccompany'sccreditcratingcundercIFRScwillcleadctocacreductioncincthecc
arryingcamountcofcanycfinancialcliabilitiescandcacgaincbeingcreportedcincOCI.
⊚c true
⊚c false
7) Loancguaranteescareconlycrecordedcifctheycareclikelyctocbecpaid.
⊚c true
⊚c false
8) Accruedcliabilitiescmadecduectocroutinecoperatingcexpensescarecnotcnormallycdiscounted.
⊚c true
⊚c false
9) Forcacsmallcpopulation,cthecbestcestimatecforcthecamountcofcacprovisioncthatcmustcb
ecrecognizedciscthecexpectedcvaluecofcthecpossiblecoutcomes.
⊚c true
⊚c false
10) UndercIFRS,cprovisionscarecalwayscrecordedcatctheircexpectedcvalue.
⊚c true
⊚c false
11) Forcaclargecpopulation,cthecbestcestimatecforcthecamountcofcacprovisioncthatcmustcbecreco
gnizedciscthecmostclikelycoutcomecwithcrespectctocthecexpectedcvaluecandccumulativecpro
babilities.
⊚c true
⊚c false
12) UndercASPE,ccontingentcliabilitiescwhichcarecmoreclikelycthancnot,carecaccruedcatctheclowestc
endcofcthecrange.
⊚c true
⊚c false
