Which of the Following Is Not an Essential Characteristic of a Liability

question 36

Multiple Choice

Which of the following is not an essential characteristic of a liability under the Conceptual Framework?

• A) A past transaction or event.
• B) A present obligation to an external party.
• C) An outflow of resources embodying economic benefits.
• D) A legal debt.

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Definitions:

Involuntary Part-Timers

Workers who are employed less than full-time due to economic reasons, such as a scarcity of full-time positions, rather than by personal choice.

Superordinates

Superordinates are individuals or groups in a higher position of authority or rank in a social hierarchy or structure.

Subordinates

refers to individuals or groups that are lower in rank or position, often having less power or authority compared to others within a social or organizational hierarchy.

Authority

The power or right to give orders, make decisions, and enforce obedience.