Multiple Choice
According to the Conceptual Framework which statement concerning the recognition of liabilities is incorrect?
A) A recognition criteria is that it is probable that a sacrifice of future economic benefits will be required.
B) A recognition criteria is that the amount of the liability must be able to be measured reliably.
C) All liabilities that meet the definition of a liability should be recognised in the accounting records.
D) Liabilities that do not satisfy the recognition criteria can be recognised in the notes attached to the accounts.
Correct Answer:
Verified
Correct Answer:
Verified
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