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:

Workplace Behaviors

Actions and interactions of individuals within a workplace setting, which can influence the work atmosphere, productivity, and organizational culture.

Divisional Structure

An organizational structure that groups employees by products and services, geographic regions, or customers.

Functional Departmentalization

Organizing a company's structure based on functions or departments such as marketing, finance, human resources, etc., to enhance efficiency and specialization.

Organizational Development

The study and implementation of practices, strategies, and techniques that improve an organization's effectiveness, health, and overall success.