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.

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Definitions:

Self-Disclosing

The act of revealing personal information to others in order to foster trust and openness in relationships.

Trust Leaders

Individuals who are capable of inspiring reliance or confidence in others through their integrity, capabilities, and actions.

Trust Others

The act of believing in the reliability, truth, ability, or strength of someone else.

Viewed Untrustworthy

The perception of an individual or entity as not being reliable, dependable, or worthy of trust.