'A present obligation of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits,' is the generally acceptable definition of:
A)an asset.
B)equity.
C)a liability.
D)an expense.

Question

Quizplus · Accepted Answer

The given definition is the generally accepted definition of a liability.

'A Present Obligation of an Entity Arising from Past Events