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:

Political Practices

Activities or actions taken within the context of formal politics or governance, including campaigning, legislation, and policy making.

Religious Customs

Traditional practices and rituals followed by members of a religion.

Nature-nurture Issue

The debate surrounding the relative contributions of genetic inheritance (nature) and environmental factors (nurture) to human development and behavior.

Natural Selection

In evolutionary biology, a procedure where life forms more effectively adjusted to their habitat are more apt to thrive and reproduce at a greater rate.