A Liability Should Only Be Recognised in the Financial Statements

question 32

Multiple Choice

A liability should only be recognised in the financial statements when:

• A) (i) and (ii) only
• B) (i) and (iii) only
• C) (ii) and (iii) only
• D) (i), (ii) and (iii)

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Definitions:

Prospective Memory

The feature of memory that deals with the capacity to remember to carry out intended tasks or recollect future intentions.

Phonological Loop

A component of the working memory model that is responsible for handling auditory information and the temporary storage of spoken words.

Short-Term Memory

The part of the memory system that is responsible for temporarily holding small amounts of information in consciousness.

Duration

the length of time that something lasts or continues.