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32.What discount rate does AASB 119 require to be used to discount estimated future cash outflows associated with the relevant employee entitlements?   A. risk-adjusted, organisation-specific discount rate B. market-determined, organisation-specific discount rate C. inflation adjusted, real rate of return required on equity financing D. the interest rate on high quality corporate bonds with terms to maturity that match.

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21.The present obligation component of a liability must be based on:   A. a legal obligation only. B. a social obligation. C. a contractual obligation. D. none of the given answers. 22.What is the treatment of contingent liabilities in the financial statements?   A. Contingent liabilities are to be recognised as a separate category in the statement of financial position, with a clear.

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52.AASB 119 defines 'employee benefits' as:    A. salaries and wages, and associated on-costs. B. all cash payments made to employees. C. all cash payments made to employees in their roles as employees. D. all forms of consideration given up by an entity in exchange for service rendered by employees. 53.A non-contributory superannuation fund means:.

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22.Employee benefits include:   A. wages and salaries, sick leave, payroll tax, annual leave. B. superannuation, wages and salaries, sick leave and annual leave. C. sick leave, annual leave, unemployment benefits, salaries and wages. D. annual leave, wages and salaries, post-employment benefits, payroll tax. 23.An employee whose contract for service includes an entitlement to 1 week's cumulative sick leave per.

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51.In disclosing liabilities, a reporting entity:   A. discloses on the basis of the current/non-current liability dichotomy. B. has a choice, based on the notions of relevance and reliability to disclose liabilities either on the basis of the current/non-current liability dichotomy or on the basis of order of liquidity. C. has a choice, based on the principle.

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21.Features common to heritage assets are that they typically:   A. are unique, are aspects of the natural environment (for example, parks) and cannot be replaced. B. have no alternative use, cannot be replaced and generate negative net cash flows. C. are self-generating, individually unique and generate negative net cash flows. D. have no alternative use, cannot be replaced.

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41.Under AASB 117, operating leases require the following disclosures by lessees:   A. the total of future minimum sublease payments expected to be received under non-cancellable subleases at the statement of financial position date. B. a general description of the lessee's significant leasing arrangements. C. No disclosures are required as operating leases are expensed each year. D. the total.

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61.Paragraph 47 of AASB 117 requires that for a finance lease, the lessor must disclose:   A. the guaranteed residual values accruing to the lessor. B. unearned finance income. C. contingent rents recognised as expenses in the period. D. the guaranteed residual values accruing to the lessor and unearned finance income. 62.What characteristic(s) of land means that the lessee does.

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42.A redeemable preference share is one that may be:   A. converted into debt at the option of the shareholder. B. converted into cash at the option of either the company or the shareholder. C. forgiven any future calls where the company has profits in excess of specified levels. D. have any dividends converted into further preference shares rather.

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31.Arguments for the use of financial valuations of heritage assets to fulfil the accountability and performance evaluation functions of accounting statement preparation include:   A. The funds contributed to government departments cannot be effectively tracked unless valuations of heritage assets are included in financial statements. B. Managers of heritage assets need to ensure that they.

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21.Identifiable intangible assets are those intangible assets that:   A. have been purchased by the entity from external parties. B. have an unlimited life. C. can have a value placed on them separately from other assets of the entity. D. cannot be separately sold. 22.Examples of intangible assets include:   A. loyal customers. B. patents and trademarks. C. provisions. D. loyal customers, patents and trademarks. 23.Examples of elements of a.

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