"A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits" is a definition of:Group of answer choicesexpenses.equity.income.liabilities.

"A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits" is the definition of:an expensea liabilityequityan asset

In accordance with the conceptual framework, income is recognised in the statement of profit or loss and other comprehensive income when:*1 pointa present obligation of the entity arising from past events, the settlement of which is expected to result in an inflow to the entity of resources embodying economic benefits.a possible obligation of the entity expected to arise from future events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.possible obligation of the entity, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.

a. Probable outflow of economic benefits d. Present obligation as a result of past events b. Transfer of an economic resource c. Obligation

"Resources controlled by the entity as a result of past transactions or events and from which future economic benefits are expected to flow to the entity" is the definition of:assetsliabilitiesequityexpenses

Provisions are recognized if it is probable that an outflow of resources will be required to settle the obligation.Group of answer choicesTrueFalse