Current Liabilities

Please choose the most appropriate answer for each sentence.
  • 1

    In the normal ..... of trading with external vendors on credit terms, the University incurs current liabilities (i.e. accounts payable within 12 months).

  • 2

    These accounts payable are subsequently ..... by regular creditors payment runs.

  • 3

    Amounts owed to creditors which have not been paid or recorded at 31 December are ....., and a liability is recorded in the general ledger; these are reversed in the following year.

  • 4

    Procedures established in ..... of incurring a liability through the procurement of goods and services are specified in Section 5, 'Expenditure', of the manual.

  • 5

    The University is bound by legislation and industrial awards to provide its employees with various entitlements accumulated as a result of the ..... of their services to the University.

  • 6

    Liabilities ..... from the accumulation of employee entitlements are recognised in the financial statements.

  • 7

    Staff who commenced employment with the University prior to 1 April 1961 are entitled to receive a gratuity on retirement at ..... or later, or on death.

  • 8

    In accordance with The University Act of 1998, the Senate, in the ..... of and on behalf of the University, may borrow funds by way of loan or overdraft from any bank or other financial institution.

  • 9

    Borrowings will only be undertaken in exceptional circumstances where operating or research funds are not sufficient to ..... existing funding requirements.

  • 10

    A current liability arises where students pay a refundable ..... on locker keys, laboratory equipment, slide boxes, accommodation, etc. to a School.

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