Part A: Determine whether the following items would be classified and recorded as liabilities:

A. provision for repairs

B. provision for long-service leave

C. dividends payable

D. a guarantee for the debts of a subsidiary.

Part B: Which of the following would likely be considered to be a provision as defined in AASB 137?

A. a warranty provided by a car retailer

B. an amount transferred from retained earnings to another account in anticipation of future repairs and maintenance

C. an obligation to clean up a contaminated site

D. a bank loan