Which of the Following Is Not a Characteristic of a Liability,according

question 3

Multiple Choice

Which of the following is not a characteristic of a liability,according to the IASB Conceptual Framework?

• A) A future deposition or transfer of economic benefits to others will occur.
• B) A past transaction or event is to have created the obligation.
• C) There must be a legal obligation.
• D) None of the given options are correct.

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Definitions:

Collectivistic Culture

A culture that prioritizes the goals and wellbeing of the group over the desires or needs of the individual, often emphasizing connections and harmony within social networks.

Self-Identity

An individual's perception of themselves, including their awareness of their unique characteristics, values, and beliefs.

Loyalty

A deep sense of loyalty and commitment to a person or cause.

Gender

The range of characteristics pertaining to, and differentiating between, masculinity and femininity, often based on social and cultural differences rather than biological ones.