The Key Difference Between Provisions and Liabilities Is

question 38

Multiple Choice

The key difference between provisions and liabilities is:

• A)The party that the obligation is owed to
• B)Whether the obligation is current or non-current
• C)The uncertainty regarding the amount or timing of the future sacrifice of economic resources
• D)Whether there is an obligation

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Definitions:

Real Property

Land and anything permanently attached to it, such as buildings and improvements.

A Car

A motor vehicle designed primarily for passenger transportation.

A House

A building for human habitation, typically consisting of multiple rooms and other spaces.

Trespasser

An individual who enters someone's property without permission or legal right.