Accounting · Accounting Terms
In accounting, the term 'liabilities' refers to:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The gross inflow of economic benefits from sales
- 2The residual interest in the assets after deducting all expenses
- 3Financial obligations or debts owed by the business to external entities✓
- 4The physical resources owned by the business that have future economic value
Correct answer
Financial obligations or debts owed by the business to external entities
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