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Which of the following is not considered a characteristic of a liability? O Present obligation. O Arises from past events. O Results in an outflow of resources. Liquidation is reasonably expected to require use of existing resources classified as current assets.

Which of the following is not considered a characteristic of a liability? O Present obligation. O Arises from past events. O Results in an outflow of resources. Liquidation is reasonably expected to require use of existing resources classified as current assets.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following is not considered a characteristic of a liability? O Present obligation. O Arises from past events. O Results in an outflow of resources. Liquidation is reasonably expected to require use of existing resources classified as current assets. Clear selection What is the relationship between current liabilities and operating cycle?
Transcribed Image Text:Which of the following is not considered a characteristic of a liability? O Present obligation. O Arises from past events. O Results in an outflow of resources. Liquidation is reasonably expected to require use of existing resources classified as current assets. Clear selection What is the relationship between current liabilities and operating cycle?
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