A present obligation of the entity to transfer an economic resource as a result of past events. Present obligation as a result of past events false constructive obligation false liability true None of the above false Single A duty or responsibility that an entity has no practical ability to avoid. Current debt false obligation true economic benefits false None of the above false Single _________ usually includes accounts payable and accrued expenses. Current debt true long-term section false constructive obligation false None of the above false Single For a liability to exist, _____ criteria must all be satisfied. 2 false 4 false 3 true None of the above false Single To satisfy this criterion, the obligation must have the potential to require the entity to transfer an economic resource to another party (or parties). Transfer of an economic resource true Present obligation as a result of past events false Current debt false None of the above false Single Liabilities section is typically split into two main sub-categories to show the difference between obligations that are due in the next 12 months, current liabilities, and obligations that mature in future years, long-term liabilities. 3 false 2 true 4 false None of the above false Single Obligations that arise from an entity’s customary practices, published policies or specific statements if the entity has no practical ability to act in a manner inconsistent with those practices, policies or statements. constructive obligation true economic benefits false Transfer of an economic resource false None of the above false Single What is the third criterion for a liability? Transfer of an economic resource false Current debt false Present obligation as a result of past events true None of the above false Single Liabilities section that includes all other debts that mature more than a year into the future like mortgages and long-term notes. Present obligation as a result of past events false long-term section true Current debt false None of the above false Single Obligations to transfer an economic resource include the following; EXCEPT: obligations to pay cash false obligations to deliver goods or provide services false obligations to exchange economic resources with another party on unfavourable terms. false None of the above false Single