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:

Land Ownership

The legal right to possess, use, and control a piece of land.

Equal Opportunity

A principle that stresses the fair treatment of all people without discrimination, often in employment, education, and other areas of public life.

Edmund Burke

An Irish statesman, author, orator, political theorist, and philosopher, who served as a member of parliament in England between 1766 and 1794, and is known for his support of the American Revolution and his opposition to the French Revolution.

Slavery

The practice or system of owning individuals as property and forcing them to work without pay.