Are the following statements regarding 'constructive obligations' under standard financial reporting rules (like IAS 37) True or False? 1. A constructive obligation can arise from an established pattern of past practice. 2. A constructive obligation is only recognized if it is legally enforceable by a court of law. 3. A constructive obligation requires a valid expectation on the part of third parties that the entity will accept its responsibilities.

Arrange the following accounting actions in the correct chronological sequence as they occur in the books of a vendor managing a Provision for Free Repairs: A. Transferring the estimated repair liability from the Hire Sales account to the Repair Reserve account. B. Debiting the actual repair expenses to the Repair Reserve account as they are incurred. C. Adjusting the final balance of the Repair Reserve account by transferring any excess or shortage to the Profit and Loss account.

Which of the following is considered an example of an intangible asset?