Which of the Following Best Describes Liabilities

question 62

Multiple Choice

Which of the following best describes liabilities?

• A)Possible debts or obligations of an entity as a result of future transactions,which will be paid with assets or services.
• B)Possible debts or obligations of an entity as a result of past transactions,which will be paid with assets or services.
• C)Probable debts or obligations of an entity as a result of future transactions,which will be paid with assets or services.
• D)Probable debts or obligations of an entity as a result of past transactions,which will be paid with assets or services.

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Definitions:

Common attributes

Characteristics or qualities that are shared by members of a group or category.

Ongoing social relations

Continuous interactions and connections between individuals or groups within a society.

Intraumural softball team

A recreational sports team designed for members within the same institution or community, often less competitive than intercollegiate or professional leagues.

Tourist attraction

A place of interest where tourists visit, typically for its inherent or exhibited natural or cultural value, historical significance, natural or built beauty, or amusement offerings.