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.