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Element Two: Liabilities Definition Liabilities are probable future sacrifices of economic benefits arising from present obligations of particular entity to transfer assets or provide services

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Element Two: Liabilities Definition Liabilities are probable future sacrifices of economic benefits arising from present obligations of particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. Your Rewritten Definition: Element One: Assets Definition: Assets are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. Your Rewritten Definition

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