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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Transcribed Image Text: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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