What is the definition of a liability? (Section 10.2)

1. What is the distinction between a long-term liability and a current liability? (Section 10.2)

2. What is the effect of understatement of liabilities? (Section 10.3.1)

3. What is a contingent liability? (Section 10.3.2)

4. What information do users of financial statements need to have concerning current liabilities of a company? (Section 10.4)

5. How are the current liabilities for (a) bank overdraft and (b) trade creditors measured? (Section 10.6)