Define a liability. What are the essential characteristics of a liability?

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Financial Accounting An Integrated Approach

ISBN: 9780170411028

7th Edition

Authors: Ken Trotman, Elizabeth Carson

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Question Posted: Aug 21, 2023 02:04 AM

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Define a liability. What are the essential characteristics of a liability?

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A liability is a financial obligation or debt that a business or individual owes to another party It represents a present or future commitment to tran...View the full answer

Financial Accounting An Integrated Approach

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