The Criteria for Recognition of a Liability Include Which of the Following

question 191

Multiple Choice

The criteria for recognition of a liability include which of the following?

• A)The obligation represents a present obligation, not a potential future commitment or intent.
• B)The obligation exists as a result of a past transaction or exchange, called the obligating event.
• C)The obligation requires the probable future sacrifice of an economic resource that the firm has little or no discretion to avoid.
• D)The obligation has a relevant measurement attribute that the firm can quantify with sufficient reliability.
• E)all of the above