t10 Which of the following is not an essential characteristic of a liability?All are essential characteristics of liabilityThe obligation is a present event that exists as a result of past obligationsThe obligation is to transfer an economic resourceThe entity has an obligation

Liabilities are those present obligations that are due to business and they could be short-term in…

Which of the following is not an essential characteristic of a liabili O All are essential characteristics of liability O The obligation is a present event that exists as a result of past obligations O The obligation is to transfer an economic resource

Which of the following is not an essential characteristic of a liabili O All are essential characteristics of liability O The obligation is a present event that exists as a result of past obligations O The obligation is to transfer an economic resource

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter12: Nonrecognition Transactions

Section: Chapter Questions

Problem 1DQ

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Question

t10

Which of the following is not an essential characteristic of a liability?
All are essential characteristics of liability
The obligation is a present event that exists as a result of past obligations
The obligation is to transfer an economic resource
The entity has an obligation

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