Which of the Following Is/are True Regarding Accounting Liabilities

question 95

Multiple Choice

Which of the following is/are true regarding accounting liabilities?

• A)All accounting liabilities are obligations.
• B)Not all obligations are accounting liabilities.
• C)An item must meet the definition of a liability.
• D)An item must recognition criteria.
• E)All of these answers are correct.

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Definitions:

Assignee

The party to whom rights or interests have been transferred by another party, known as the assignor.

Delegates Duty

The act of assigning one's responsibilities or tasks to another person, often seen in contracts and employment relationships.

Obligated

Refers to having a legal or moral duty to do something.

Assigns Right

The transfer of rights or interests in a property or contract from one party to another.