characteristics of a liability?

[Akirus]

i wrote

1. future obligation of a business
2. the settlement of which will result in an outflow of future economic benefit
3. arising from past transactions

hope i'll get all marks

Yeah same, i wrote that as well.

The thing is that the teacher has been teaching us that the definition of a liability is "Present obligation of the entity which an outflow of economic benefit is expected". It does not have the "result from past event" part, but however i read that from practice exams and text book which have that part.

It's apart of the AASB definition, as specified in Statement of Accounting Concepts 4, I believe.

[accaz]

i just said
1.a present obligation of the entity
2. as a result of past events (transactions)
3. which will result in a sacrafice of future economic benefits

is this right?

[kakar0t]

i wrote

1. future obligation of a business
2. the settlement of which will result in an outflow of future economic benefit
3. arising from past transactions

hope i'll get all marks

Yeah same, i wrote that as well.

The thing is that the teacher has been teaching us that the definition of a liability is "Present obligation of the entity which an outflow of economic benefit is expected". It does not have the "result from past event" part, but however i read that from practice exams and text book which have that part.

It's apart of the AASB definition, as specified in Statement of Accounting Concepts 4, I believe.

Hmmmm oh yes, commonly known fact

[TrueTears]

1. obligation of the business
2. arises from past transactions
3.economic benefits are expected to flow out of the entity

is this right?

some of my friends listed qualitative characteristics. i was like...err...

yes that is correct.

1. present obligation arising from past events
2. reduction in owner's equity
3. outflow of economic benefits

i think....

2. is wrong, an expense would have that characteristic.

[Akirus]

i wrote

1. future obligation of a business
2. the settlement of which will result in an outflow of future economic benefit
3. arising from past transactions

hope i'll get all marks

Yeah same, i wrote that as well.

The thing is that the teacher has been teaching us that the definition of a liability is "Present obligation of the entity which an outflow of economic benefit is expected". It does not have the "result from past event" part, but however i read that from practice exams and text book which have that part.

It's apart of the AASB definition, as specified in Statement of Accounting Concepts 4, I believe.

Hmmmm oh yes, commonly known fact

It's in your textbook, you just don't know where it came from.

[Yitzi_K]

I didn't mention past events, what I had was

1. Present obligation of the business
2. To an external entity other than the owner
3. Requiring the sacrifice of future economic benefits

would that be considered correct?

[Akirus]

I didn't mention past events, what I had was

1. Present obligation of the business
2. To an external entity other than the owner
3. Requiring the sacrifice of future economic benefits

would that be considered correct?

My teacher mentioned it, you might pass with that.

http://www.aasb.com.au/admin/file/content102/c3/SAC4_3-95.pdf

Page 23 if anyone is interested.

[kakar0t]

Is it really really hard to get a 40 in accounting?

[LFTM]

Is it really really hard to get a 40 in accounting?

these are my thoughts exactly now, after the exam. I thought getting 40 was achievable but im having doubts now, lost heaps of marks. Anyone know how many marks you can lose over both exams and still get 40?

[mojomojo]

Is it really really hard to get a 40 in accounting?

these are my thoughts exactly now, after the exam. I thought getting 40 was achievable but im having doubts now, lost heaps of marks. Anyone know how many marks you can lose over both exams and still get 40?

Yeah same mate, i was pretty confident with getting over 40 in Accounting. But now.. under the exam atmosphere, i did some silly mistakes.

[Akirus]

40 is approximately a low A+, so you'll need around 78-80/90 on each exam (as well as an A+ for SACs).

[mojomojo]

40 is approximately a low A+, so you'll need around 78-80/90 on each exam (as well as an A+ for SACs).

What kind of A+ for the SACs?

[Vercinity]

40 is approximately a low A+, so you'll need around 78-80/90 on each exam (as well as an A+ for SACs).

What kind of A+ for the SACs?

A very high A+.