ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 277

21.

Liabilities are

a. any accounts having credit balances after closing entries are
made.

b. deferred credits that are recognized and measured in
conformity with generally accepted accounting principles.

c. obligations to transfer ownership shares to other entities in
the future.

d. obligations arising from past transactions and payable in
assets or services in the future.