The purpose of contingent liabilities help

The purpose of contingent liabilities help

define a liability and outline the essential characteristics of liabilities (11.1)
LO2 explain the basic measurement principles for liabilities (11.2)
LO3 outline the financial statement presentation for liabilities (11.3)
LO4 provide accounting entries for current liabilities including accounts payable, notes payable, short-term accruals
and employee deductions (11.4)
LO5 understand the alternatives for company financing and how to account for them (11.5 and 11.6)
LO6 explain the different types of tax liabilities (11.7)
LO7 explain how a provision differs from other types of liabilities, and when it can be recognised (11.8)
LO8 identify and explain the purpose of contingent liabilities (11.9)
LO9 explain off balance sheet financing (11.10)
LO10 understand how to account for GST (1

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