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Which of the following statements is correct? a. A liability is defined in the Conceptual Framework as a present obligation of the entity to transfer
Which of the following statements is correct?
a. A liability is defined in the Conceptual Framework as a present obligation of the entity to transfer an economic resource as a result of past events
b. Provisions cannot be recognized in financial statements but disclosed in notes to financial statements.
c. Recognition criteria contained in the Conceptual Framework are verifiability and faithful representation.
d. Provisions cannot be recognized in financial statements because of the uncertainty of timing or amount.
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