Which Statement Is Correct About Financial and Non-Financial Liabilities

question 73

Multiple Choice

Which statement is correct about financial and non-financial liabilities?

• A)A non-financial liability is a contractual obligation to deliver cash to another party.
• B)A non-financial liability does not meet all of the criteria for a "liability."
• C)The two liabilities are valued differently for financial reporting purposes.
• D)A non-financial liability is measured at fair value rather than amortized cost.

---

Definitions:

Antagonism

Hostility toward others.

Continuum Perspective

The view that mental health and mental illness exist on a spectrum, suggesting that individuals vary in degree of mental health or illness rather than being categorically healthy or ill.

Diagnosing Personality Disorders

The process of identifying and classifying patterns of behavior and thought that deviate significantly from societal expectations and cause dysfunction or distress.

Independent Perspective

An outlook or viewpoint that is free from the influence or control of others, often leading to unique or unconventional ideas.