__________ is/are obligations of an entity arising from past events, the settlement of which is expected to result in an outflow of economic benefits.
A) Assets
B) Liabilities
C) Equity
D) Income

Question

Quizplus · Accepted Answer

Liabilities are defined as obligations of an entity arising from past events, the settlement of which is expected to result in an outflow of economic benefits. This can include things like loans, unpaid bills, or obligations to provide goods or services in the future.

__________ Is/are Obligations of an Entity Arising from Past Events