Requirements

a$.$ Explain what provisions are.

b$.$ Explain what financial liabilities are and how they differ from$$ non$-$financial liabilities.

c$.$ Provide three examples of financial liabilities and three examples of$$ non$-$financial liabilities.

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Part $1$

Provisions are

$$

assets

liabilities

in which there is

$$

no uncertainty

some uncertainty

as to the timing or amount of payment.