hello, can u give correct Answer A constructive obligation differs froma legal obligation because it1) Is created by law_?2) Only applies to government entities3) Has no financial impact4) Is created by valid expectationsfrom past practice

1) Is created by lawFalse: This refers to a legal duty rather than a constructive one. Statutes,…

Answered: A constructive obligation differs from…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 5Q

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Why should executory contracts be disclosed in the financial statements? Group of answer choices They create current income tax obligations They create an obligation contingent upon the occurrence of a past event They represent a possible outflow of economic resources None of the above PreviousNext
Which of the following is not an administrative remedy available to the government? a. Assessment b. Distraint C. Tax Avoidance D. Tax Lien
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A constructive obligation differs from a legal obligation because it 1) Is created by law _? 2) Only applies to government entities 3) Has no financial impact 4) Is created by valid expectations from past practice