Which of the following statements is incorrect? (a) Damages awarded by court against the business may be
Question:
Which of the following statements is incorrect?
(a) Damages awarded by court against the business may be ignored because it will be appealed
(b) A liability is a present obligation, arising from past transaction, which probably has to be paid
(c) A liability has to be accounted for at the best reliable estimate even if the amount is not certain
(d) If the occurrence of the obligation is in doubt there is no need to account for the liability
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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