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.

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Definitions:

Particular Consequence

Particular consequence refers to a specific result or outcome that follows an action, decision, or behavior, highlighting the direct impact of certain activities.

Classically Conditioned

Refers to a learning process in which a neutral stimulus becomes associated with a meaningful stimulus and acquires the capacity to elicit similar responses.

Operant

In psychology, an operant is any behavior that is strengthened or weakened by the consequences it produces.

Conscious Control

The deliberate use of one's awareness and intentions to guide actions or thoughts, often in self-regulation or decision making.