Strategic planning is the process of defining the company's strategy and making decisions about how to use resources to accomplish that strategy.
Answer: A company can only record a liability when it knows whom to pay, when to pay, and how much to pay
Explanation:
A liability is simply defined as the amount that a particular company owes. Liabilities consist of loans, accrued expenses, defered revenue, and accounts payable.
We should note that liabilities can involve uncertainty in whom to pay. Also, a company can have an obligation of a known amount to a known creditor, but not know when it must be paid.
Based on the options given in the question, the answer will be "a company can only record a liability when it knows whom to pay, when to pay, and how much to pay".
