Which of the following is a probable future sacrifice of economic benefits arising from present obligations as a result of past events?
A) Expense
B) Liability
C) Loss
D) Asset

Question

Quizplus · Accepted Answer

Liabilities represent a probable future sacrifice of economic benefits due to present obligations that have arisen from past events. This definition aligns with the concept of liabilities in accounting, where they are recognized on the balance sheet to reflect obligations that will likely result in an outflow of resources.

Which of the Following Is a Probable Future Sacrifice of Economic