One of the three characteristics of liabilities is that they must arise from the firm's primary business obligations.

Name: One of the three characteristics of liabilities is that they must arise from the firm's primary business obligations.
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Question

Quizplus · Accepted Answer

Liabilities can arise from various obligations, not just the firm's primary business activities. They include any present obligations resulting from past events that are expected to result in an outflow of resources.

One of the Three Characteristics of Liabilities Is That They