A liability should only be recognised in the financial statements when: Question 9 Not yet answered...

Question

Question

business accounting

Answer 1

Answer #1

Ans.

A liability should be recognised in the statement of financial position when and only when:

It is probable that the future sacrifice of economic benefits will be required and the amount of the liability can be measured reliably.

So the correct option is C. ( ii and iii only)

Answer 2

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