VAT Is a Liability Because

question 14

Multiple Choice

VAT is a liability because:
Please select all that apply.

• A) There is a present obligation arising from past events.
• B) There is expected to be a transfer of an economic resource.
• C) It represents a right that has the potential to produce economic benefits.
• D) It can be measured in such a way that a faithful representation of its monetary value is achieved.

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Definitions:

Flexible/Rigid

A characteristic describing the adaptability and openness to change (flexible) versus resistance to change and strict adherence to rules without compromise (rigid).

Stable/Unstable

Refers to the degree of consistency or variability in a system's state or performance over time.

Global/Specific

Pertains to general or worldwide aspects when used in the context of 'global,' whereas 'specific' refers to particular, detailed instances or examples.

Internal/External

Terms related to the sources of influence or causes; internal refers to factors within a person, while external refers to factors outside of an individual.