Which of the following best reflects a liability?
A) A possible obligation that arises from past events and whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control
Of the entity
B) A probable obligation that arises from past events but is not recognised because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation
C) A present obligation arising from past events the settlement of which is expected to result in and outflow of economic benefits
D) A liability of uncertain timing or amount
Correct Answer:
Verified
Q1: Non-Current assets are:
A) held in the business
Q2: The IASB Framework for the Preparation and
Q3: Which of the following is not a
Q5: Which of the following is most correct?
Q6: Accounting policies allow the user to determine
Q7: The concept of capital maintenance is important
Q8: Which of the following is not listed
Q9: Which of the following is correct?
A) Relevance
Q10: Which of the following is most correct?
Consistency
Q11: Which of the following is not relevant
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