Question: Question 12. The Conceptual Framework for Financial Reporting defines the elements of the financial statements. Which of the following statements is true? A liability exists

Question 12. The Conceptual Framework for Financial Reporting defines the elements of the financial statements. Which of the following statements is true?

A liability exists when an transfer of economic resource is certain

The definition of an asset centres on the concept of ownership.

An expense is an increase in an asset or a decrease in a liability.

The Conceptual Framework defines equity as a residual.

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