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.

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Definitions:

Percentage

Rate or proportion of each hundred.

Decimal Points

A dot used to separate the whole number part from the fractional part of a number.

Elixir

A clear, sweet-flavored liquid used in pharmaceuticals as a vehicle for medicinal substances or as a magical potion with curative powers.

Benadryl

An over-the-counter medication known generically as diphenhydramine, used to relieve symptoms of allergy, hay fever, and the common cold.