All of the Following Statements Regarding Liabilities Are True Except

question 13

Multiple Choice

All of the following statements regarding liabilities are true except:

• A)A liability is a probable future payment of assets or services.
• B)Unearned future wages to be paid to employees should be recorded as liabilities.
• C)For a liability to be reported,it must be a present obligation that results from a past transaction or event,and requires a future payment of assets or services.
• D)Information about liabilities is more useful when the balance sheet identifies them as either current or long term.
• E)Liabilities can involve uncertainty in whom to pay.

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Definitions:

CSF

Cerebrospinal Fluid, a clear, colorless bodily fluid that fills the brain's ventricles and surrounds the central nervous system, acting as a cushion and participating in nutrient transport and waste removal.

Ventricles

Cavities within the brain that produce and contain cerebrospinal fluid, which helps protect and nourish the brain.

Frontal Lobe

The largest of the four major lobes of the brain, located at the front of each hemisphere, involved in voluntary movement, expressive language, and managing higher level executive functions.