Under the Conceptual Framework, Which of These Is Not a Characteristic

question 63

Multiple Choice

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

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

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Definitions:

Node Class

A class that represents a single point or element in various data structures, encapsulating data and references.

Java Statements

Instructions in Java programming that represent one step of computation, such as declaring a variable or calling a method.

Inorder Traversal

A method of traversing a binary tree in which nodes are visited in the order of left subtree, root, then right subtree.

Binary Search Tree

A data structure that stores items (such as numbers) in an organized way, where each node has up to two children, and for any given node, its left descendants are less than the node and its right descendants are greater.