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QUESTION 1 (a) Define the term liability as stated in conceptual framework. (b) List THREE (3) characteristics of liability. (c) Explain the recognition of liability

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QUESTION 1 (a) Define the term liability as stated in conceptual framework. (b) List THREE (3) characteristics of liability. (c) Explain the recognition of liability as stated in conceptual framework. (d) Explain the de-recognition of liability as stated in MFRS 9

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