The characteristics of a liability include:
A) Requirement of future payment of assets or rendering of services.
B) A liability can be current or noncurrent.
C) Occurrence of a past transaction or event.
D) Existence of a present obligation.
E) All of these answers are correct.

Question

Quizplus · Accepted Answer

All the listed characteristics are correct as they collectively define what constitutes a liability in accounting.

The Characteristics of a Liability Include