2. Debts (liabilities) refers to: a. Any account that maintains a credit balance after closing entries are made. b. Deferred credits that are recognized and measured in accordance with generally accepted accounting principles. c. Obligations to transfer in the future the participation of the owners' shares. d. Obligations arising from past transactions and which will be payable with assets or services rendered in the future.
2. Debts (liabilities) refers to: a. Any account that maintains a credit balance after closing entries are made. b. Deferred credits that are recognized and measured in accordance with generally accepted accounting principles. c. Obligations to transfer in the future the participation of the owners' shares. d. Obligations arising from past transactions and which will be payable with assets or services rendered in the future.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. Debts (liabilities) refers to:
a. Any account that maintains a credit balance after closing entries are made.
b. Deferred credits that are recognized and measured in accordance with generally accepted accounting principles.
c. Obligations to transfer in the future the participation of the owners' shares.
d. Obligations arising from past transactions and which will be payable with assets or services rendered in the future.
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