A Liability Should Only Be Recognised in the Financial Statements

question 16

Multiple Choice

A liability should only be recognised in the financial statements when: (i) reserves have been set aside by the entity
(ii) the amount can be measured reliably
(iii) it is probable that the future sacrifice of economic benefits will be required.

• A) (i)and (ii)only
• B) (i)and (iii)only
• C) (ii)and (iii)only
• D) (i),(ii)and (iii).

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