Question 6 3 marks Liabilities - Provision for warranty PART A-2 marks You are required...
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Question 6 3 marks Liabilities - Provision for warranty PART A-2 marks You are required to refer to the conceptual Framework and especially the two factors listed below and explain why future warranty costs should be recognised as a liability in the statement of financial position in the current period. Three elements that should be considered in your answer include the following: Definition of various elements of the financial statements (1 mark). recognition criteria of various elements of the financial statements (1 mark). Note: Please do not redefine a liability in your answer. You are required to refer to the conceptual framework and discuss your answer by referring to the definition, recognition criteria. Question 6 PART B- 1 mark You are required to refer to the Conceptual Framework and discuss whether GST payable should be treated as a revenue or liability in an entity's account? You are required to refer to the following factors when providing your answer: Definition of various elements of the financial statements (0.5 marks). recognition criteria of various elements of the financial statements (0.5 marks)
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