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:

Bone

A rigid organ that constitutes part of the vertebrate skeleton, providing structural support and protecting various organs.

Tendon

A fibrous connective tissue that attaches muscle to bone, transmitting forces to produce movement at joints.

Upper Leg Muscle

Refers to the muscles located in the thigh region, such as the quadriceps and hamstrings.

Gemellus

A term referring to one of a pair of small muscles located in the buttocks, involved in the rotation of the thigh.