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A provision and a contingent liability are the same discuss

Assignment - Advanced Financial Accounting

1. 'Classification of liabilities is based on the same principles as the classification of assets.' Do you agree with this? Why or why not?

2. 'Classification of liabilities as current or non-current is not that important. The money is paid out eventually anyway, so what's the big deal? Discuss.

3. 'A provision and a contingent liability are the same.' Discuss.

4. "Employees often fail to appreciate the true cost of their employment". Discuss.

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Business Law and Ethics: A provision and a contingent liability are the same discuss

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