Multiple Choice
What are the essential characteristics of a liability under the definition in the Conceptual Framework?
i. Settlement requiring an outflow of resources embodying economic benefits.
ii. A present obligation to an external party.
iii. A legal debt.
iv. The obligation must have resulted from past events.
A) i, , iv
B) i, ii, ,iv
C) i, ii, iii
D) ii, iii, iv
Correct Answer:
Verified
Correct Answer:
Verified
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