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question 7 . According to the FASB s conceptual framework, which of the following is an essential characteristic of a liability? ( a ) Liabilities

question 7. According to the FASBs conceptual framework, which of the following is an essential characteristic of a liability? (a) Liabilities must require the obligated entity to pay cash to a recipient entity (b) Liabilities must be legally enforceable. (c) The identity of the recipient entity must be known to the obligated entity before the time of settlement. (d) Liabilities are obligations resulting from previous transactions or events.

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