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Which is not considered a characteristic of a liability

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Reference no: EM132756616

Problem 1: Which of the following is not considered a characteristic of a liability?

a. Present obligation.

b. Arises from past events.

c. Results in an outflow of resources.

d. Liquidation is reasonably expected to require use of existing resources classified as current assets.

Problem 2: Liabilities are

a. any accounts having credit balances after closing entries are made.

b. deferred credits that are recognized and measured in conformity with generally accepted accounting principles.

c. obligations to transfer ownership shares to other entities in the future.

d. present obligations arising from past events and results in an outflow of resources.

Reference no: EM132756616

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