Which of the Following Is Not One of the Three

question 47

Multiple Choice

Which of the following is not one of the three criteria for recognition of a liability?

• A) The obligation involves a probable future sacrifice of resources at a specified or determinable date.
• B) The firm is required to make a cash payment for the goods or services.
• C) The firm has little or no discretion to avoid the transfer.
• D) The transaction or event giving rise to the liability has already occurred.

---

Definitions:

Mathematics

The abstract science of number, quantity, and space, either as abstract concepts (pure mathematics), or as applied to other disciplines such as physics and engineering (applied mathematics).

Mechanics

The branch of physics concerned with the motion of objects and the forces that cause this motion; also refers to the skilled trade of working with machinery.

Yellow Fever Epidemic

A severe outbreak of Yellow Fever, a viral disease transmitted by mosquitoes, which killed thousands in multiple instances throughout history, particularly in densely populated areas.

Plunder

The act of robbing goods by force, especially during war or conflict, often associated with pillaging.