What Are the Two Criteria, Specified in the Conceptual Framework

Multiple Choice

What are the two criteria, specified in the Conceptual Framework, that must be met before a liability can be recognised in the accounting records?

A) It must be probable that any future sacrifices associated with the item will flow from the entity and the liability must have a cost or value that can be measured with reliability.
B) It must be probable that a future sacrifice of economic resources will be required and the liability must be beyond a reasonable doubt.
C) The liability must be beyond a reasonable doubt and the amount of the liability must be able to be recognised reliably.
D) There must have been a past event and there must be a present obligation