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Question 33 hich statement is incorrect regarding the elements of financial statements? The elements directly related to the measurement of financial position are assets, liabilities and equity O The elements directly related to the measurement of financial performance are revenues and gains. These are the grouping, into broad classes, of the financial effects of transactions and other events according to economic characteristics. None of the above. Question 34 Question 37 1 pts Which statement is incorrect regarding a liability? A liability may be legally enforceable as a consequence of a binding contract or statutory requirement. An essential characteristic of a liability is that the entity has a present obligation. O A decision by the management of an entity to acquire assets in the future gives rise to a present obligation. O Aliability may arise from normal business practice, custom and a desire to maintain good business relations or act in an equitable manner