Which of the following does not describe a liability?
a. Settled in the past transactions or events
b. An economic outflow is expected
c. Measured reliably
d. Claims against the assets of the business
a. Settled in the past transactions or events
b. An economic outflow is expected
c. Measured reliably
d. Claims against the assets of the business
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QUESTION:
Which of the following does not describe a liability?
ANSWER:
a. Settled in the past transactions or events
b. An economic outflow is expected
c. Measured reliably
d. Claims against the assets of the business