Which Statement Is Correct Under the IFRS Definition for a "Liability

question 79

Multiple Choice

Which statement is correct under the IFRS definition for a "liability"?

• A)The obligating event must be probable before the liability can be recognized.
• B)The obligating event must be virtually certain before the liability can be recognized.
• C)A reliable measure of the obligation must exist before the liability can be recognized.
• D)A precise measure of the obligation must exist before the liability can be recognized.

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Definitions:

Hard-water Scum

The residue formed by the reaction of soap with the magnesium and calcium ions present in hard water.

Best Characterizes

Describes the trait or quality that is most typical or representative of something.

Soap Micelle

Spherical aggregates formed by soap molecules in aqueous solution, where the hydrophobic tails are sequestered inwards and the hydrophilic heads face outward.

Exterior Surface

The outermost boundary or layer of an object, material, or geometrical space that is exposed to the environment or another medium.