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1 year ago

All liabilities involve a probable sacrifice of economic benefits and arise as a result of _ transactions or events.

1 answer:

8 0

All liabilities involve a probable future sacrifice of economic benefits and arise as a result of past transactions or events.

A liability is a debt that a person or business has, typically in the form of money. Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied. Assets and liabilities can be compared. Assets are items you own or owe money to; liabilities are things you owe money to or have borrowed. A liability is an unfulfilled or unpaid obligation owed by one party to another. A financial liability is an obligation in the world of accounting, but it is more specifically characterized by previous business transactions, events, sales, exchanges of goods or services, or anything else that will generate income in the future.

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Answer:

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All liabilities involve a probable ____ sacrifice of economic benefits and arise as a result of _____ transactions or events.

All liabilities involve a probable sacrifice of economic benefits and arise as a result of _ transactions or events.