A liability must be recognized when a business is required to transfer assets or provide services to another entity at some point in the future for activities that have already occurred.

Name: A liability must be recognized when a business is required to transfer assets or provide services to another entity at some point in the future for activities that have already occurred.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This statement accurately describes the recognition criteria for a liability in accounting.

A Liability Must Be Recognized When a Business Is Required