Liabilities
A)represent obligations to repay debts.
B)may increase when assets increase.
C)are found on the claims side of the accounting equation.
D)All of the answers are characteristics of liabilities.

Question

Quizplus · Accepted Answer

Liabilities represent obligations to repay debts, and they may increase when assets increase. Liabilities are found on the claims side of the accounting equation, which is the same side as the owners' equity. Therefore, all of the answers are characteristics of liabilities.