With reference to FRS 21: Events after the balance sheet date and FRS 12: Provisions, contingent liabilities

Question:

With reference to FRS 21: Events after the balance sheet date and FRS 12: Provisions, contingent liabilities and contingent assets:

(a) Define the following terms:

(i) Post-balance sheet events

(ii) Adjusting events

(iii) Non-adjusting events

(iv) Contingent asset/liability;

(b) Give FOUR examples of adjusting events, and FOUR examples of non-adjusting events; and

(i) A material contingent liability, and

(ii) Material contingent assets should be accounted for in financial statements.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Frank Woods Business Accounting Volume 2

ISBN: 9780273693109

10th Edition

Authors: Frank Wood, Alan Sangster

See More Books

Question Posted: Sep 08, 2023 09:18 AM

See More Questions

With reference to IAS 10 Events after the reporting period and IAS 37 Provisions, contingent liabilities and contingent assets: (a) Define the following terms: (i) Events after the reporting period...
Which of the following material events after the balance sheet date and before the financial statements are approved by the directors should be adjusted for in those financial statements ? 1. A...
1. Should the information pertaining to actual claims incurred as of the balance sheet date that became available after the balance sheet date be considered in determining managements best estimate...
ARTICLE: Reference Resolve Asset Management's Yes, You Can Eat Sharpe Ratios. 1- The author spoke to two ways for the foundation to meet its target return of 5%. Identify what the two ways presented...
The following are some common statements that we find students making. A variable cost is always controllable. A fixed cost is always non-controllable. A direct cost is always a variable cost. ...
The condensed comparative statements of Delta Uranium Corporation follow: Required Calculate trend percentages for the items of the statements using 2008 as the base year. Analysis Component: Analyze...
Use the all-possible-regressions method to select a subset regression model for the Belle Ayr liquefaction data in Table B.5. Evaluate the subset models using the $C_{p}$ criterion. Justify your...
Justification/Recommendation Report: Improving Greenhouse Markets Service You are a recently hired manager for Greenhouse Market, a highend fast-food restaurant that has been in business for three...
Where did they get 8550 for patient days?? patients x days in month 95 x 30=2,850 not 8550. Monthly Food Cost Number of Patients Days in the month Patient Days PPD $16,356.00 95 30
Explain why our adversarial system of justice is sometimes referred to as civilized warfare. Provide examples. What arguments would you make in favor of retaining this adversarial system? What...
What are the two rules of consolidation?
From the following balances in the books of Breaker plc you are to draw up (i) A detailed trading and profit and loss account for the year ended 31 March 20X4 for internal use, and (ii) A profit and...
Create relational tables that solve the update, insert, and delete anomalies in Table 4-18. TABLE 4-18 Purchase Order (PO) Table PURCHASE PURCHASE ORDER ORDER # QUANTITY VENDOR ADDRESS DATE PART #...
If an Agency receipts a bond and banks it in the trust account, how the money should be handled?
How do write Given the esteemed portfolio that you serve as the Hon. James Chuol Jiek Commissioner of Ayod County, Jonglei State and we are kindly reaching out to you to request a voluntary...
Working as an internal accountant in City Sol Man prepare an informal memo to the Vice President of City Sol Man detailing any quantitative or qualitative analysis supporting or not supporting the...
Describe Activity-Based Costing and how it differs from Volume-based costing. How are Activity-Based Costing and Activity-Based Management related? Give Reference.
While reviewing the books at his firm, Uri noticed discrepancies between how the firm recorded revenues last year and how it elected to record revenues during the recent quarter of the current year.
The accounting for BANs depends on events subsequent to year-end. In anticipation of issuing of long-term bonds, a state issues $200 million of 60-day BANs to finance highway construction. It expects...
The senior management at Davis Watercraft would like to determine if it is possible to improve firm profitability by changing their existing product mix. Currently, the product mix is determined by...
The following information has been extracted from the books of account of Billinge plc as at 30 June 2016: Additional information: 1 The company was incorporated in 2010. 2 The inventory at 30 June...
The following trial balance of X Limited, a non-listed company, has been extracted from the books after the preparation of the statement of profit or loss and statement of changes in equity for the...
Frank Jon Ltd has just finished its second year of trading to 31 December 2017. Balances from Question 8.1 need to be brought forward into this question. Tax rates are the same as for 2016. Data From...
Use the chain rule to find the derivative of You do not need to expand out your answer. f'(x) Question Help: Video 1 Video 2 Submit Question f(x)=5(3x+10x) 16 0/10 pts Question 5 Use the chain rule...
The airspeed of an airplane is 162 km/h. When it is caught in a 228 km/h crosswind, what will be its speed across the ground?
An astronaut of mass 66 kg weighs 66*10 N on Earth's surface. What would be his weight on the surface of Mars, where the acceleration due to gravity is 3.71 m/s 2 ?

With reference to FRS 21: Events after the balance sheet date and FRS 12: Provisions, contingent liabilities

Question:

Step by Step Answer:

a Definitions i Postbalance sheet events Postbalance sheet events are events or transactions that occur between the end of the reporting period usually the balance sheet date and the date when the fin...View the full answer

Frank Woods Business Accounting Volume 2

Students also viewed these Business questions