Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 45 - No. 14)
Which of the following is the best definition of 'liabilities' in accounting?
Resources owned by a company.
The owners' investment in the company.
Obligations of a company to transfer assets or provide services to others.
The difference between assets and equity.
Explanation
Liabilities represent what a company owes to others.
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