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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 $12.99
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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
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Course
TB& SM
Institution
TB& SM
Book
Intermediate Accounting
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 ...
Solution Manual for Intermediate Accounting Volume 2 8th Edition by Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel Complete Guide 9781259654688 ...
Solution Manual for Intermediate Accounting Volume 2 8th Edition Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel Chapter 12-22
Solution Manual for Intermediate Accounting (Volume 2) 8th Canadian Edition By Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Verified All Chapters | Complete Newest Version.
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Created By: A Solution
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
Chapter 12
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
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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
⊚ false
6) An improvement to a company's credit rating under IFRS will lead to a reduction in the
carrying amount of any financial liabilities and a gain being reported in OCI.
⊚ true
⊚ false
7) Loan guarantees are only recorded if they are likely to be paid.
⊚ true
⊚ false
8) Accrued liabilities made due to routine operating expenses are not normally discounted.
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,Created By: A Solution
⊚ true
⊚ false
9) For a small population, the best estimate for the amount of a provision that must be
recognized is the expected value of the possible outcomes.
⊚ true
⊚ false
10) Under IFRS, provisions are always recorded at their expected value.
⊚ true
⊚ false
11) For a large population, the best estimate for the amount of a provision that must be
recognized is the most likely outcome with respect to the expected value and cumulative
probabilities.
⊚ true
⊚ false
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12) Under ASPE, contingent liabilities which are more likely than not, are accrued at the
lowest end of the range.
⊚ true
⊚ false
13) Contingent assets may be recorded under ASPE but not under IFRS.
⊚ true
⊚ false
14) Executory contracts seldom require a journal entry, while onerous contracts do.
⊚ true
⊚ false
15) Discounting is not required when the time value of money is immaterial or if the amount
and timing of cash flows is highly uncertain.
⊚ true
⊚ false
16) Financial liabilities are initially recognized at fair value and at cost, amortized cost or fair
value post-acquisition.
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