Apply the definition and recognition criteria of liabilities, discusswhy, or why not, each of the following items
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Question:
Apply the definition and recognition criteria of liabilities, discusswhy, or why not, each of the following items is recognised as a liability in the financial statement.
- GST outlays
- GST collection
- Provision for warranty
- Unearned revenue
- An agreement to act as guarantor for another firm's borrowings.
- Dividend payable
- Allowance for doubtful debts
- Accrued interest
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