Question
A liability is a probable future sacrifice of economic benefits (assets) arising from present obligations of a particular entity to transfer assets or provide services
A liability is a probable future sacrifice of economic benefits (assets) arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. Explain how the providing services part of this definition ties into the creation of a liability.
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Auditing Theory And Practice
Authors: Jerry R. Strawser, Robert H. Strawser, Roger H. Hermanson
9th Edition
0873939336, 9780873939331
