Under the Conceptual Framework, Which of the Following Is Not

question 13

Multiple Choice

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

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

---

Definitions:

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or touched, typically developed during infancy.

Secondary Circular Reactions

Repetitive actions in infants aged 4-8 months, centered around the infant's own body, demonstrating the beginning of intentionality.

Primary Circular Reactions

A concept in child development where an infant learns to reproduce an event that initially occurred by accident (e.g., sucking their thumb).

Centration

A cognitive limitation in early childhood, where a child focuses on one aspect of a situation while ignoring others.