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Find what are the essential characteristics of a liability

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Reference no: EM133011379

Problem 1: What are the essential characteristics of a liability under the definition in the Conceptual Framework?

i. Settlement requiring an outflow of resources embodying economic benefits.

ii. A present obligation to an external party.

iii. A legal debt.

iv. The obligation must have resulted from past events.

a. i, , iv

b. ii, iii, iv

c. i, ii, iii

d. i, ii, ,iv

Reference no: EM133011379

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