Which of the following is not a characteristic of a liability?
A) obligation always arises from past events
B) probably requires future sacrifice of resources
C) requires sacrifice of cash or other current asset in the current period
D) present obligation

Question

Quizplus · Accepted Answer

Liabilities do not always require the sacrifice of cash or other current assets in the current period; they may be settled in future periods.

Which of the Following Is Not a Characteristic of a Liability