Which of the Following Criteria, Specified in the Conceptual Framework

question 46

Multiple Choice

Which of the following criteria, specified in the Conceptual Framework, must be met before a liability can be recognised in the accounting records?
I. The liability is beyond a reasonable doubt.
II. It is probable that the future sacrifices associated with the item will occur.
III. The liability has a cost or value that can be measured with reliability.

• A) I and II
• B) II and III
• C) I and III
• D) I, II and III

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Definitions:

Winston Churchill

A British politician, army officer, and writer, who served as Prime Minister of the United Kingdom during World War II and again in the early 1950s.

Influence

The capacity to have an effect on the character, development, or behavior of someone or something, or the effect itself.

Leaders

Individuals who influence, guide, or direct others towards achieving set goals or visions, often by inspiring, motivating, and making strategic decisions.

Elizabeth I

Queen of England from 1558 to 1603, known for her strong leadership, the Elizabethan era's prosperity, and her role in the defeat of the Spanish Armada.