Which of the following is not a characteristic of a liability?
A)It represents a probable,future sacrifice of economic benefits.
B)It must be payable in cash.
C)It arises from present obligations to other entities.

Question

Quizplus · Accepted Answer

While many liabilities are payable in cash, it is not a requirement for it to be classified as a liability. Liabilities can also be settled through the transfer of other assets or the provision of goods or services.

Which of the Following Is Not a Characteristic of a Liability