'A Present Obligation of the Entity Arising from Past Events,the

question 32

Multiple Choice

'A present obligation of the 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 definition of:

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

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Definitions:

Action Query

A type of database query that performs an action on the data, such as inserting, updating, or deleting records.

Append Query

A type of database query used to add new records from one or more sources to the end of a target table without altering existing records.

Selected Records

The subset of records that have been marked or identified for further action or processing within a database or a dataset.

Existing Table

A table within a database or dataset that has been previously created and contains data.