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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.


Definitions:

Construct Validity

The extent to which a test or instrument measures the theoretical construct or trait it is intended to measure.

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A federal department in the United States tasked with ensuring public security, primarily from terrorism but also including border security, cybersecurity, and disaster prevention and management.

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Procedures and regulatory policies that govern the entry and exit of persons and goods across national borders.

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