Probable future sacrifices of economic benefits arising from past transactions or events are

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Probable future sacrifices of economic benefits arising from past transactions or events are liabilities. Liabilities are obligations or debts that a company owes to others and are typically recorded on the balance sheet as a separate category of accounts payable or accrued expenses. Examples of liabilities include bank loans, accounts payable, and accrued wages and taxes.

Probable Future Sacrifices of Economic Benefits Arising from Past Transactions