Liabilities can be best described as:
A)The amount of expenses over the past year.
B)The amount expected to be distributed to stockholders.
C)The amount owed to creditors.
D)The amount of services provided to customers during the year.

Question

Quizplus · Accepted Answer

Liabilities are the amount owed to creditors, such as loans, accounts payable, or salaries owed but not yet paid. They are not related to expenses, stock distribution, or services provided.

Liabilities Can Be Best Described As