Question: Practice Question 01 For a liability to exist, which one of the following criteria must be satisfied? O The entity has an obligation (that is,

Practice Question 01 For a liability to exist, which one of the following criteria must be satisfied? O The entity has an obligation (that is, a duty or responsibility to others that it has no practical ability to avoid). O The obligation is a future obligation that exists as a result of past events. O The obligation is a present obligation that exists as a result of future events. The obligation is a past obligation that exists as a result of future events

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