All liabilities represent the costs incurred to generate revenues.

Name: All liabilities represent the costs incurred to generate revenues.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Liabilities represent the obligations or debts owed by a company or individual. While some liabilities may be directly related to generating revenue (such as accounts payable for inventory purchased to sell), not all liabilities represent costs incurred to generate revenue (such as long-term debt or deferred taxes).

All Liabilities Represent the Costs Incurred to Generate Revenues