Which of the Following Is Correct About a "Liability" Under

question 45

Multiple Choice

Which of the following is correct about a "liability" under IFRS Framework?

• A)A future obligation arising from past events,the settlement of which is expected to result in an inflow of resources.
• B)A present obligation arising from past events,the settlement of which is expected to result in an inflow of resources.
• C)A past obligation arising from past events,the settlement of which is expected to result in an outflow of resources.
• D)A present obligation arising from past events,the settlement of which is expected to result in an outflow of resources.

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Definitions:

Personal Jurisdiction

Refers to a court's authority over the parties involved in a legal case.

Specific Personal Jurisdiction

A doctrine permitting adjudication of a claim against a defendant only if the defendant purposely availed himself or herself of the protections of the forum and if the selected forum is reasonable.

WTO

The World Trade Organization, an international body that regulates and facilitates global trade agreements and disputes.

GATT

General Agreement on Tariffs and Trade, a multilateral treaty aimed at reducing trade barriers and promoting international trade.