1. Which of the following is not an aspect of the definition of a liability under the revised Conceptual Framework? a. Probable outflow of economic benefits d. Present obligation as a result of past events b. Transfer of an economic resource c. Obligation

An obligation can meet the definition of a liability even if the probability of a transfer of an economic resource is low. State any four examples that represents obligation to transfer an economic resource. (03)

A contingent liability is defined as a:

"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

Which of the following statements about liabilities is incorrect? Question 2 Answer A liability is an obligation that currently exists A liability involves a transfer of an economic resource A liability is a future obligation A liability arises as a result of past events

Liabilities which do not meet the recognition criteria and where the possibility of an outflow of economic resources is remote should: Reading required Learning objective 9.4 on page 256. Group of answer choices not be recognised/disclosed in the financial statement at all. be recognised as an accrual. be recognised as a provision. be disclosed as a contingent liability.