A present obligation,as one of the criteria for recognising a liability,implies:
A) There must be a legal obligation.
B) A legally binding contractual arrangement between two parties: the entity and another party.
C) The involvement of two separate parties: the entity and another party; of which the identity of the latter needs not necessarily to be known.
D) The involvement of two separate parties: the entity and another party; of which the identity of the latter must be known.
E) An obligation to make a donation or gift to another party.

Question

Quizplus · Accepted Answer

A present obligation implies that there is an obligation involving two separate parties, but the identity of the other party does not necessarily need to be known.

A Present Obligation,as One of the Criteria for Recognising a Liability,implies