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Homework answers / question archive / Which of the following is not an essential characteristic of a liability? It represents a present obligation to another entity
Which of the following is not an essential characteristic of a liability?
It represents a present obligation to another entity.
It requires the transfer of an economic resource to another entity.
It has arisen as a result of a past transaction or event.
It represents an internal claim on the entity’s assets.
Solution:
Which of the following is not an essential characteristic of a liability?
Answer: It represents an internal clam on the entity's assets.
