'A Present Obligation of an Entity Arising from Past Events

question 32

Multiple Choice

'A present obligation of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits,' is the generally acceptable definition of:

• A)an asset.
• B)equity.
• C)a liability.
• D)an expense.

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Definitions:

Role Ambiguity

The uncertainty and lack of clarity about what one's role is within an organization, including responsibilities, expectations, and boundaries.

Positive Perceptions

The tendency to view situations, actions, or conditions in a favorable light.

Contingency Variable

A variable that modifies the relationship between two other variables under certain conditions or situations.

Fiedler's Contingency Theory

A leadership theory proposing that the effectiveness of a leader is contingent upon the match between the leader's style and the situation's demands.