Under the Conceptual Framework,which of these is not a characteristic of a liability?
A) It is expected to result in an outflow of economic resources
B) It must be a legal debt
C) It must result from a past transaction or event
D) It must be a present obligation of the entity
Correct Answer:
Verified
Q1: Select the incorrect statement concerning accounting standards.
A)They
Q2: The statement relating to the Conceptual Framework's
Q3: Which of these is not an aspect
Q5: The qualitative characteristics for financial reporting contained
Q6: The statement relating to comparability that is
Q7: The major reason for the existence of
Q8: The body in Australia which issues legally
Q9: Which of these is one of the
Q11: According to the Conceptual Framework which of
Q42: Which of these pairs of qualitative characteristics
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents