Footnote 9

The FASB defines liabilities as “probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events” (SFAC No. 6, p. 13).

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Financial Accounting adapted by Prof. Philip C. Sookram at Saint Peter's University (Jersey City, New Jersey) Copyright © 2020 by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.

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