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In explaining the meaning of obligation in the definition of a liability, the Conceptual Framework states: A. That an obligation is a duty or responsibility that an entity has no practical ability to avoid B. Than an obligation can arise from a duty or responsibility conditional on a future action that the entity itself may take, if the entity has no practical ability to avoid taking that action  C.  That an obligation can arise from an entity's customary practices,  published policies or specific statements, if the entity has no practical ability to avoid those practices, policies or statements  D. All of the above

In explaining the meaning of obligation in the definition of a liability, the Conceptual Framework states: A. That an obligation is a duty or responsibility that an entity has no practical ability to avoid B. Than an obligation can arise from a duty or responsibility conditional on a future action that the entity itself may take, if the entity has no practical ability to avoid taking that action  C.  That an obligation can arise from an entity's customary practices,  published policies or specific statements, if the entity has no practical ability to avoid those practices, policies or statements  D. All of the above

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In explaining the meaning of obligation in the definition of a liability, the Conceptual Framework states:

A. That an obligation is a duty or responsibility that an entity has no practical ability to avoid

B. Than an obligation can arise from a duty or responsibility conditional on a future action that the entity itself may take, if the entity has no practical ability to avoid taking that action 

C.  That an obligation can arise from an entity's customary practices,  published policies or specific statements, if the entity has no practical ability to avoid those practices, policies or statements 

D. All of the above

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