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The characteristics of a liability include: A) A past business transaction such as purchasing and asset on credit D) Existence of a present obligation B)

  1. The characteristics of a liability include:

  • A) A past business transaction such as purchasing and asset on credit
  • D) Existence of a present obligation
  • B) Current portion only of noncurrent debt
  • A and D are correct
  • C) Requirement of future payments are not required
  • A and B are correct

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