All of the following are essential characteristics of liabilities, except _____.
A. they represent probable future benefits
B. they are probable future sacrifices of economic benefits
C. they arise from present obligations to other entities
D. they result from past transactions or events

A liability is a debt that a person or business has, typically in the form of money. Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied.

Liabilities are items that are listed on the balance sheet's right side and consist of debts including loans, accounts payable, mortgages, deferred income, bonds, warranties, and accumulated expenses.

What are the effects of liabilities?

(1) potential future losses of economic gains,

(2) responsibilities to other entities at the present time,

(3) outcomes of past transactions or occurrences.

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All of the following are essential characteristics of liabilities, except _____. A. they represent probable future benefits B. they are probable future sacrifices of economic benefits C. they arise from present obligations to other entities D. they result from past transactions or events

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What are called liabilities?

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All of the following are essential characteristics of liabilities, except _____.
A. they represent probable future benefits
B. they are probable future sacrifices of economic benefits
C. they arise from present obligations to other entities
D. they result from past transactions or events