Which of the following is/are true regarding accounting liabilities?
A)All accounting liabilities are obligations.
B)Not all obligations are accounting liabilities.
C)An item must meet the definition of a liability.
D)An item must recognition criteria.
E)All of these answers are correct.

Question

Quizplus · Accepted Answer

All of the options listed are correct statements about accounting liabilities. All accounting liabilities are obligations, but not all obligations are accounting liabilities as they may not meet the definition of a liability. An item must meet the definition of a liability, and also meet recognition criteria to be considered an accounting liability.

Which of the Following Is/are True Regarding Accounting Liabilities