The common characteristic of both assets and liabilities is that they BOTH
A)provide an economic benefit.
B)result from a past transaction or event.
C)represent a present responsibility.
D)represent contractual or other rights.

Question

Quizplus · Accepted Answer

Both assets and liabilities result from a past transaction or event, as they are recorded in the financial statements based on historical transactions.

The Common Characteristic of Both Assets and Liabilities Is That