Which of the Following Characteristic Is Required for a "Liability

question 26

Multiple Choice

Which of the following characteristic is required for a "liability" under IFRS Framework?

• A)A past obligation.
• B)A present obligation.
• C)An unknown obligation.
• D)A future obligation.

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Definitions:

Journal Entries

Recorded transactions in the accounting records of a business, detailing the financial activities and their impact on various accounts.

Unearned Revenue

Money received by an entity for services or goods yet to be delivered or performed; it is recorded as a liability until the service or goods are delivered.

Journal Entry Formats

Different structured ways of recording transactions in a journal, designed to ensure accuracy and completeness in financial record-keeping.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments have been made for errors, accruals, and deferrals.