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Liabilities Classification in Accounting

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Liabilities Classification in Accounting

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Questions and Answers

How are financial liabilities initially measured according to PFRS 9?

At their fair value less transaction costs (correct)

At their present value

At their historical cost

At their amortized cost

What is the alternative to measuring financial liabilities at fair value less transaction costs?

Measuring at amortized cost

Measuring at present value

Designating at fair value through profit or loss (correct)

Measuring at historical cost

Which accounting standard is applicable to provisions?

PAS 37 (correct)

PFRS 16

PAS 19

PFRS 9

How are non-financial liabilities measured?

Estimated amount to be incurred or paid to counterparties Signup and view all the answers

Which type of liability is accounted for under PFRS 16?

Lease liabilities Signup and view all the answers

What is the primary characteristic of a financial liability?

The obligation to deliver cash or another financial asset Signup and view all the answers

Which of the following is an example of a non-financial liability?

Unearned income Signup and view all the answers

What is the basis of a constructive obligation?

The expectations of relevant parties Signup and view all the answers

Which of the following is NOT a financial liability?

Estimated warranty liability Signup and view all the answers

What is the primary distinction between financial and non-financial liabilities?

The contractual obligation to deliver cash or another financial asset Signup and view all the answers