Liabilities (in the strict sense)are equivalent to:

Question

Quizplus · Accepted Answer

Liabilities, in the strict sense, refer to present obligations of an entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Provisions and contingent liabilities are types of liabilities, but they have specific conditions and uncertainties associated with them, which makes them distinct from the general definition of liabilities. Accrued liabilities are indeed liabilities but represent a broader category that includes obligations like unpaid expenses. Therefore, none of the options provided are equivalent to liabilities in the strict sense.

Liabilities (In the Strict Sense)are Equivalent To