Liabilities generally arise from past transactions.

Name: Liabilities generally arise from past transactions.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Liabilities are financial obligations that arise from past transactions or events, such as borrowing money, purchasing goods or services on credit, or incurring expenses that have not yet been paid. They are a reflection of a company's debts or obligations that must be settled in the future.

Liabilities Generally Arise from Past Transactions