According to the Existing IFRS and the CICA Handbook Part

question 12

Multiple Choice

According to the existing IFRS and the CICA Handbook Part II guidelines, which of the following is NOT an essential characteristic of a liability?

• A)It embodies a duty or responsibility.
• B)The transaction or event that obliges the entity has occurred.
• C)The obligation is enforceable on the obligor entity.
• D)The entity has little or no discretion to avoid the duty.

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Definitions:

Aversive Conditioning

A method of behavior modification that involves pairing an unwanted behavior with discomfort or unpleasantness to reduce or eliminate that behavior.

Unwanted Behavior

Actions or conduct deemed undesirable or inappropriate by society, an organization, or an individual.

Drinking Alcohol

The consumption of beverages containing ethanol, which can affect mood, behavior, and health.

Cognitive Therapy

A type of psychotherapy that aims to change negative patterns of thinking to alter unwanted behavior patterns or treat mood disorders.