A : Explain the differences between the definitions and accounting treatment for a liability, provision and contingent liability. Give 2 examples of each.

B: Give 3 examples of financial assets. Explain to a classmate the initial measurement and subsequent measurement of financial assets.

C: Give 3 examples of financial liabilities. Explain to a classmate the initial measurement and subsequent measurement of financial liabilities. (You may exclude financial guarantee contracts and commitments to provide loans at a below-market interest rate from your answer).

D: Explain to a classmate the difference in the risks for the employee and employer if the following post-employment plan is employed:

Defined contribution post-employment plan

Defined benefit post-employment plan

E: Explain to a classmate how an employer accounts for:

i) Defined contribution post-employment plans

ii) Defined benefit post-employment plans

F: Sandy Ltd is an Australian company with a 30 June year end. Sandy Ltd sells inventory to Americas Ltd for US$100 000 on 21 June 2017. The settlement date is 15 August 2017.

Explain to a friend how items related to this transaction will be recorded in Sandy Ltds books at 21 June 2017, 30 June 2017 and 15 August 2017.