A Financial Liability Is Derecognized from a Statement of Financial

question 2

True/False

A financial liability is derecognized from a statement of financial position when the specified obligation is discharged,is cancelled or expires.

---

Definitions:

Tapping

In psychology, it may refer to the use of repetitive, gentle tapping on specific body parts to reduce emotional distress; in a broader sense, it may simply mean to lightly strike or touch.

Fiddling

The act of making restless or aimless movements with the hands or objects, often as a result of nervousness or boredom.

Married Couples

Legally wed individuals who are united in a personal and intimate relationship, recognized legally, socially, and sometimes religiously.

Unmarried Persons

Individuals who are not legally married to a partner.