Liabilities Are

question 9

Multiple Choice

Liabilities are

• A)any accounts having credit balances after closing entries are made.
• B)deferred credits that are recognized and measured in conformity with generally accepted accounting principles.
• C)obligations to transfer ownership shares to other entities in the future.
• D)present obligations arising from past events and results in an outflow of resources.

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Definitions:

Conventional Morality

The stage in moral development where individuals make decisions based on societal rules and laws.

Postconventional Stage

A stage in Kohlberg's theory of moral development, in which individuals base their moral judgments on principles that transcend societal rules.

Legal Costs

Refers to the expenses associated with legal services, including lawyer fees, court fees, and any other expenditures incurred during the legal process.

Limbic System

A complex system of nerves and networks in the brain, involved in emotions, behavior, and long-term memory.