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

question 30

Multiple Choice

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

• A)a future obligation arising from current events,the settlement of which is expected to result in an outflow of resources
• B)a present obligation arising from current events,the settlement of which is expected to result in an outflow of resources
• C)a future 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:

Marginal Product

The increase in output that arises from an additional unit of input.

Customers Served

The number or segment of clients to whom a business has provided goods or services.

Marginal Products

The additional output that results from using one more unit of a particular input, holding all other inputs constant.

Sales Clerks

Employees in retail stores responsible for assisting customers, conducting transactions, and maintaining the arrangement of goods.