Question

question 9 of 25
policies
current attempt in progress
liabilities
are things of value used by the business in its operation.
are future economic benefits.
possess service potential.
are existing debts and obligations.
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Explanation:

To determine the correct definition of liabilities, we analyze each option:

• The first option describes assets (resources of value used in operations).
• The second and third options also relate to assets (future benefits, service potential).
• Liabilities are defined as existing debts and obligations of a business.

Answer:

The option "are existing debts and obligations." (the last radio button option)