Is it true that for a liability to be recognized the related obligation needs to be legally

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Is it true that for a liability to be recognized the related obligation needs to be legally enforceable?

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Financial Accounting

ISBN: 9781743767382

9th Edition

Authors: Craig Deegan

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Question Posted: Aug 31, 2023 03:06 PM

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Is it true that for a liability to be recognized the related obligation needs to be legally

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No this is not true An essential characteristic of a liability is that the entity has a prese...View the full answer

Financial Accounting

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