Asked by
Shelby Thomas
on Oct 15, 2024
Verified
A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events.
Probable Future Payment
An expected financial obligation or expense, often projected based on current contracts, agreements, or identified liabilities.
- Acquire knowledge about the definition and contributing factors of a liability.
Verified Answer
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Learning Objectives
- Acquire knowledge about the definition and contributing factors of a liability.
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