What are liabilities and equity? Liability as defined by the… Image

  

What are liabilities and equity? Liability as defined by the… Image transcription text4. What are liabilities and equity? Liability as defined by the Revised Conceptual Framework is a presentobligation of an entity to transfer an economic resource as a result of a past event. To elaborate, the liabilitymust be present and needs to be settled. To settle the liability, the entity must transfer an econo… … Business Accounting Share This was created from ACTIVITY #1_MADARANG.pdf (0)