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From course:

ACCA Paper F3/FA/FFA

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Question:

What is a liability?

Author: Christy B.



Answer:

'A present obligation of the entity to transfer economic resource as a result of past events. An obligation is a duty of responsibility that the entity has no practical ability to avoid.‘


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Other viable answers (Added by users whilst learning):

A present obligation of the entity to transfer an economic resource as a result of past events.