Under the Conceptual Framework, the meaning of 'probable' in the recognition criteria is:

Select one:

a.a higher than 50% probability.

b.a higher than 60% probability.

c.100% probability.

d.a higher than 75% probability.

The key difference between provisions and liabilities is:

Select one:

a.the uncertainty regarding the amount or timing of the future sacrifice of economic resources.

b.whether the obligation is current or non-current.

c.the party that the obligation is owed to.

d.whether there is an obligation.

The correct entry for the payment of net wages is:

Select one:

a.DR Gross pay; CR Net pay.

b.DR Wages and salaries payable; CR Bank.

c.DR Bank; CR Wages and salaries payable.

d.DR Wages and salaries; CR Provision for wages and salaries.

At 30 June 2019, the board of directors of Stargaze Ltd declared a final dividend of 10c per share on 60 000 ordinary shares. The dividend was paid in August 2019. The correct general journal entry to record the payment of the dividend is:

Select one:

a.DR Bank $6000; CR Final dividend payable $6000

b.DR Retained earnings $6000; CR Final dividend payable $6000

c.DR Retained earnings $6000; CR Bank $6000

d.DR Final dividend payable $6000; CR Bank $6000

Final dividend payable is classified as what type of account?

Select one:

a.Expense

b.Liability

c.Retained earnings.

d.Shareholder's Equity

Buster and Foster each own 30 000 shares in Rebound Company LtD. If Buster sells his shares directly to Foster:

Select one:

a.the share capital for Rebound Company remains the same.

b.the share capital for Rebound Company decreases.

c.the share capital for Rebound Company increases.

d.the bank account for Rebound Company increases.