Recognition in accordance with standards and the Framework For each of items 1–5 listed below, state whether, in accordance with existing accounting standards and the Framework, it would be recognised...

Recognition in accordance with standards and the Framework For each of items 1–5 listed below, state whether, in accordance with existing accounting standards and the Framework, it would be recognised as: a an asset b a liability c a contingent liability d revenue e an expense f none of the above. Items: 1 a provision for annual leave 2 $1 million payable under a guarantee in the event of a third party being unable to pay 3 purchased goodwill 4 a patent 5 the excess of research and development costs over the expected future economic benefits of the project.