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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 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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