For an item to be classified as a liability, it must sacrifice past economic benefits.
A. True
B. False
Answer: Option B
Solution(By Examveda Team)
A liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.Related User Ask Questions
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