A present obligation of the 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 definition of:

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Quizplus · Accepted Answer

This is the definition of a liability according to the International Accounting Standards. Income refers to the increase in economic benefits during an accounting period, an expense refers to the decrease in economic benefits during an accounting period, and equity refers to the residual interest in the assets of an entity after deducting liabilities.

A Present Obligation of the Entity Arising from Past Events,the