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What are the essential characteristics of a liability

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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.

Select one:

a. i, ii, ,iv
b. i, , iv
c. ii, iii, iv
d. i, ii, iii

Reference no: EM132642301

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