Under the Conceptual Framework,which of These Is Not a Characteristic

question 39

Multiple Choice

Under the Conceptual Framework,which of these is not a characteristic of a liability?

• A)It is expected to result in an outflow of economic resources
• B)It must be a legal debt
• C)It must result from a past transaction or event
• D)It must be a present obligation of the entity

---

Definitions:

Conflict of Interest

A conflict of interest arises when an individual's personal interests, responsibilities, or loyalties interfere with their professional duties or ethical obligations, potentially leading to biased decisions.

Colleague's Impairment

A situation where a co-worker's abilities are significantly reduced or hindered due to physical, mental, or emotional issues.

Practice Effectiveness

The measure of how well a particular approach or method achieves its intended outcomes in real-world application.

Remedial Action

Actions taken to rectify, correct, or improve a problematic situation or outcome, often used in the context of environmental, educational, or organizational settings.