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Under the Conceptual Framework, which of the following is not a characteristic of a liability? Select one: a. It must result from a past transaction
Under the Conceptual Framework, which of the following is not a characteristic of a liability?
Select one:
a.
It must result from a past transaction or event.
b.
It is expected to result in an outflow of economic resources.
c.
It must be a present obligation of the entity.
d.
It must be a legal debt.
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