Under the AASB's Conceptual Framework Liabilities Are Defined As

Multiple Choice

Under the AASB's Conceptual Framework liabilities are defined as:

A) future economic benefits under the control of the entity.
B) future sacrifices of economic benefits that are contingent upon the occurrence of an unusual event.
C) future sacrifices of profits payable to owners in the form of dividends.
D) 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.