The common characteristic of both assets and liabilities is that they both
A. provide an economic benefit.
B. result from a past transaction or event.
C. represent a present responsibility.
D. represent contractual or other rights.
Answer:B
The common characteristic of both assets and liabilities is that they both
A. provide an economic benefit. B. result from a past transaction or event. C. represent a present responsibility. D. represent contractual or other rights.