Under IFRS, Liabilities

question 10

Multiple Choice

Under IFRS, liabilities

• A) must be legally enforceable by a contract.
• B) must be legally enforceable by law.
• C) may be legally enforceable by a contract or law but need not be.
• D) are defined differently than under GAAP.
• IFRS.

---

Definitions:

Submissive

Characterized by a willingness to yield to the authority or will of others, often at the cost of one's own preferences or needs.

Responsibility

The state or fact of having a duty to deal with something or of having control over someone.

Fundamental Attribution Error

The tendency to attribute others' actions to their personalities or character traits, while underestimating the influence of situational factors.

Internal Beliefs

Personal convictions or acceptances that something is true or exists, often guiding behavior and thought processes.