A Liability Is Defined in Conceptual Framework As

question 20

Multiple Choice

A liability is defined in conceptual framework as:

• A) possible obligation of the entity, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
• B) a possible obligation of the entity expected to arise from future events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
• C) 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.
• D) a present obligation of the entity arising from past events, the settlement of which is expected to result in an inflow to the entity of resources embodying economic benefits.

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Definitions:

Diversity Management

The strategic practice of acknowledging, valuing, and leveraging differences among people within an organization or community to achieve better outcomes.

Homogeneous Teams

Groups composed of members with similar backgrounds, skills, or characteristics.

Innovative Ideas

Novel thoughts, concepts, or approaches that aim to bring about significant improvements or create new value.

Explore

To investigate or examine something thoroughly in order to gain a deeper understanding or discover new information.