Which of the Following Is NOT True of Liabilities

question 5

Multiple Choice

Which of the following is NOT true of liabilities?

• A) Liabilities are future obligations of economic benefits.
• B) Liabilities must be legally owed debts.
• C) Liabilities must involve either the future sacrifice of assets,or the future performance of services.
• D) Liabilities can be estimates of future payments based on past agreements.

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Definitions:

Dimensions Vary

Dimensions vary indicates that characteristics or aspects of something can differ in magnitude or extent among different entities or within different contexts.

Labels Effective

The practice of using descriptive or informative tags or stickers in a way that significantly enhances the understanding or management of items or information.

Organizational Socialization

The process through which new employees learn the values, norms, and expectations of an organization to become effective members.

Maintenance Culture

relates to the collective practices, values, and attitudes towards maintaining and preserving assets, equipment, and infrastructure in an organization or society.