a. Probable outflow of economic benefits d. Present obligation as a result of past events b. Transfer of an economic resource c. Obligation

"A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits" is a definition of:Group of answer choicesexpenses.equity.income.liabilities.

"A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits" is the definition of:an expensea liabilityequityan asset

In accordance with the conceptual framework, income is recognised in the statement of profit or loss and other comprehensive income when:*1 pointa present obligation of the entity arising from past events, the settlement of which is expected to result in an inflow to the entity of resources embodying economic benefits.a possible obligation of the entity expected to arise from future events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.possible obligation of the entity, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.

An obligation can meet the definition of a liability even if the probability of a transfer of an economic resource is low. State any four examples that represents obligation to transfer an economic resource. (03)

1. Which of the following is not an aspect of the definition of a liability under the revised Conceptual Framework? a. Probable outflow of economic benefits d. Present obligation as a result of past events b. Transfer of an economic resource c. Obligation