The Criteria for Liability Recognition Include(s)

question 22

Multiple Choice

The criteria for liability recognition include(s) :

• A)the item represents a present obligation, not a potential future commitment or intent.
• B)the obligation must exist as a result of a past transaction or exchange, called the obligating event.
• C)the obligation must require a probable future economic resource that the firm has little or no discretion to avoid.
• D)the obligation must have a relevant measurement attribute that the firm can quantify with sufficient reliability.
• E)All of these answers are correct.