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Which of the following statements regarding liabilities is true? The accounting principles followed in the U.S. differ substantially from those of other countries, especially with

image text in transcribed Which of the following statements regarding liabilities is true? The accounting principles followed in the U.S. differ substantially from those of other countries, especially with respect to current liabilities. The accounting principles followed in the U.S. require that current liabilities be listed in order of decreasing amounts on the balance sheet. Liabilities arise from past activities that require some future sacrifice of economic benefits. Liabilities must be legally enforceable to a known recipient

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