Which of the Following Characteristic Is Required for a "Liability

question 19

Multiple Choice

Which of the following characteristic is required for a "liability" under IFRS Framework?

• A)Arises from a past transaction.
• B)Arises from a non-financial transaction.
• C)Arises from a future transaction.
• D)Arises from a forecasted transaction.

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Definitions:

Cnidaria

A phylum of aquatic invertebrates known for their distinctive body structure, which includes nematocysts, and comprises jellyfish, corals, and sea anemones.

Corals

Marine invertebrates in the class Anthozoa that often live in compact colonies and are renowned for constructing large, intricate calcium carbonate structures.

Hydrozoans

A diverse group of mostly marine animals from the class Hydrozoa, which includes both solitary and colonial species like the Portuguese man-of-war.

Poriferans

A phylum of aquatic invertebrate animals known as sponges, characterized by their porous bodies and lack of organized tissues and organs.