According to the Conceptual Framework Which Statement Concerning the Recognition

question 2

Multiple Choice

According to the Conceptual Framework which statement concerning the recognition of liabilities is not true?

• A) All liabilities that meet the definition of a liability should be recognised in the accounting records.
• B) A recognition criteria is that it is probable that a sacrifice of future economic benefits will be required.
• C) A recognition criteria is that the amount of the liability must be able to be measured reliably.
• D) Liabilities that do not satisfy the recognition criteria can be recognised in the notes attached to the accounts.

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Definitions:

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The tangible, bodily characteristics of an individual or object, such as height, weight, color, or material properties.

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The process through which individuals learn and internalize the norms and behaviors considered appropriate for their gender in their culture.

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Professionals in educational settings who provide students with academic, career, and personal counseling.