Answer to Question #107309 in Law for keanu

Question

The elements directly related to the financial position in the statement of financial position are assets,liabilities and equity and are defined as follows:
(a) Assets are all the recources of an entity, that are controlled by the entity as a result of past events and from which an outflow of economic benefits from the entity are expected.
(c) Liabilities are present obligations arising from past events, which are expected to result in the outflow of economic benefits from the entity.
(d) equity is the remaining interest in the assets of the entity before deducting all its liabilities.
(e) assets are all the resources in an entity , that are controlled by the entity as a result of past events and from which economic benefits are expected to flow to the entity.
(f) Liabilities are past obligations arising from present events, which are expected to result in the outflow of economic benefits from the entity.

which of the above statements are incorrect?

Answer 1

(f) Liabilities are past obligations arising from present events, which are expected to result in the outflow of economic benefits from the entity.