Multiple choice: 1. It is a present obligation that has resulted from past events and has the potential to cause a transfer of an economic resource in its settlement. A. income B. asset C. equity D. liability 2.
Multiple choice: 1. It is a present obligation that has resulted from past events and has the potential to cause a transfer of an economic resource in its settlement. A. income B. asset C. equity D. liability 2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Multiple choice:
1. It is a present obligation that has resulted from past events and has the potential to cause a transfer of an economic resource in its settlement.
A. income
B. asset
C. equity
D. liability
2. The usefulness of information is assessed in terms of its
A. qualitative characteristics.
B. timeliness
C. verifiability
D. size
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