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QUESTION Which is not a main characteristic of a liability? ANSWER Liabilities are an unavoidable obligation. Liabilities are always long - term. Liabilities create a
QUESTION
Which is not a main characteristic of a liability?
ANSWER
Liabilities are an unavoidable obligation.
Liabilities are always longterm.
Liabilities create a present obligation for future payment of cash or services.
Liabilities occur because of a past transaction or event.
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
16th Edition
324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140
