Look back to Table 2.3, which analyses some common types of liability. Set up on a blank
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Look back to Table 2.3, which analyses some common types of liability. Set up on a blank sheet a similar table with four columns and headings for: type of liability; obligation;
transfer of economic benefits; and past transaction or event. Then close the book and write down any ten liabilities you have come across during your study. Fill in all the columns as a check that, at this stage, you really understand what creates a liability.
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