Which of the Following Statements Regarding Liabilities Is True

question 19

Multiple Choice

Which of the following statements regarding liabilities is true?

• A)Liabilities must be legally enforceable to a known recipient.
• B)Liabilities arise from past activities that require some future sacrifice of economic benefits.
• C)The accounting principles followed in the U.S. require that current liabilities be listed in order of decreasing amounts on the balance sheet.
• D)The accounting principles followed in the U.S. differ substantially from those of other countries, especially with respect to current liabilities.

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Definitions:

Female High School

An educational institution specifically for female students at the secondary level.

Heritability

A measure of how much of the variation in a trait among individuals within a given population can be attributed to genetic differences.

Polygenetic Factors

Traits or conditions that are influenced by multiple genes rather than a single gene.

SAT Scores

Numeric measures used in the United States to assess a student's readiness for college, derived from the Scholastic Assessment Test.