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Which of the following best describes liabilities? A . Possible debts or obligations of an entity as a result of future transactions, which will be

Which of the following best describes liabilities?
A. Possible debts or obligations of an entity as a result of future transactions, which
will be paid with assets or services.
B. Possible debts or obligations of an entity as a result of past transactions, which
will be paid with assets or services.
C. Probable debts or obligations of an entity as a result of future transactions, which
will be paid with assets or services.
D. Probable debts or obligations of an entity as a result of past transactions, which will
be paid with assets or services.
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