According to the New Conceptual Framework, Which of the Following

question 20

Multiple Choice

According to the new Conceptual Framework, which of the following is NOT an essential characteristic of a liability?

• A) It exists in the present time.
• B) There is certainty about the amount of future outflows.
• C) The obligation is enforceable on the obligor entity.
• D) It represents an economic burden or obligation.

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Definitions:

Intuition

The ability to understand or know something immediately based on one's feelings rather than conscious reasoning.

Committed Employees

Workers who are emotionally attached to their jobs and organization, demonstrating loyalty and a high level of engagement.

Reported Absenteeism

The act of documenting and tracking the instances when employees are absent from work without valid reasons.

Annually

Occurring once every year or relating to a period of one year.