1.1 What is the name given to the amount at which an asset is recognised in the statement of financial position?

Net amount

Recoverable amount

Fair value

Gross amount

Carrying amount

1.2 Which of the following situations would give rise to a liability under an executory contract?

The entity has received its rights but not performed its obligations

The entity has received its rights and performed its obligations

The entity has not received its rights and has not performed its obligations

Regardless of whether the entity has received its rights or not, the entity has not performed its obligations

The entity has not received its rights but has performed its obligations

1.3 Which of the following statements regarding expenses is correct?

All decreases in equity are expenses

All costs are expenses

All expenditures are expenses

All expenses are expenditures

None of the statements are correct