QuestionAugust 3, 2025

Liabilities are the amounts of money due to others that need to be paid now. False True

Liabilities are the amounts of money due to others that need to be paid now. False True
Liabilities are the amounts of money due to others that need to be paid now. False True

Solution
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Answer

False Explanation 1. Define Liabilities Liabilities are obligations that a company or individual owes to others, typically involving future payments. 2. Determine Timing of Payment Liabilities can be due immediately (current liabilities) or in the future (long-term liabilities). 3. Evaluate Statement The statement implies all liabilities need immediate payment, which is incorrect as some are long-term.

Explanation

1. Define Liabilities<br /> Liabilities are obligations that a company or individual owes to others, typically involving future payments.<br />2. Determine Timing of Payment<br /> Liabilities can be due immediately (current liabilities) or in the future (long-term liabilities).<br />3. Evaluate Statement<br /> The statement implies all liabilities need immediate payment, which is incorrect as some are long-term.
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