Which of the Following Characteristic Is Required for a Liability

question 47

Multiple Choice

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

• A)Arises from a past event.
• B)Arises from a non-financial transaction.
• C)Arises from a future transaction.
• D)Arises from a forecasted transaction.

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Definitions:

Theft

The act of stealing; the wrongful taking and carrying away of the personal property of another with intent to deprive the rightful owner.

Slander

A form of defamation achieved through spoken statements that damage a person's reputation.

Defamatory Statement

A false statement that injures someone's reputation.

Tort

A wrongful act in the civil realm that results in damages or harm to an individual, establishing legal accountability for the one committing the act.