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Liabilities are deferred credits that are recognized and measured in conformity with generally accepted accounting principles. accounts having credit balances as a result of closing

Liabilities are

deferred credits that are recognized and measured in conformity with generally accepted accounting principles.

accounts having credit balances as a result of closing entries.

obligations to transfer ownership shares to other entities in the future.

obligations arising from past transactions and payable in assets or services in the future.

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