A Liability Is Defined in Conceptual Framework As

Multiple Choice

A liability is defined in conceptual framework as:

A) possible obligation of the entity, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
B) a possible obligation of the entity expected to arise from future events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
C) 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.
D) a present obligation of the entity arising from past events, the settlement of which is expected to result in an inflow to the entity of resources embodying economic benefits.