What are probable future sacrifices called and how are they reported?
A) Assets on the balance sheet
B) Stockholders' equity on the balance sheet
C) Dividends on the statement of stockholders' equity
D) Liabilities on the balance sheet

Question

Quizplus · Accepted Answer

Liabilities are probably future economic sacrifices resulting from a current or past event. They are obligations that must be satisfied with a future cash payment or delivery of goods or services.

What Are Probable Future Sacrifices Called and How Are They