For a Liability to Exist

question 90

Multiple Choice

For a liability to exist,

• A) a past transaction or event must have occurred.
• B) the exact amount must be known.
• C) the identity of the party owed must be known.
• D) an obligation to pay cash in the future must exist.

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Definitions:

Online Availability

The state in which resources, services, or data can be accessed and utilized via the internet.

Texas

A state located in the southern region of the United States, known for its significant size, diverse landscapes, and rich history.

Official Reporter

A professional responsible for creating and maintaining a truthful, complete, and secure record of court proceedings.

Illinois

A state located in the Midwestern United States, known for its diverse economic base and being home to Chicago, its largest city.