An enterprise's obligations to pay cash or other economic resources to others are called

Question

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Liabilities are the obligations of an enterprise to pay cash or other economic resources to others. This includes debts, loans, and other payables. Expenses represent the costs incurred by the enterprise in the process of generating revenue, whereas losses refer to decreases in the value of assets or increases in liabilities that occur outside the normal course of business. Assets, on the other hand, are resources controlled by the enterprise that are expected to generate future economic benefits.

An Enterprise's Obligations to Pay Cash or Other Economic Resources