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  3. the objectivity concept requires that business tra

The objectivity concept requires that business transactions be consistent with the objectives of the entity...

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Accounting

The objectivity concept requires that
business transactions be consistent with the objectives of the entity
the Financial Accounting Standards Board be fair and unbiased in its deliberations over new accounting
standards
accounting principles meet the objectives of the Security and Exchange Commission
Question 11(1.5 points)
Which of the following statements is not true about liabilities?
Liabilities are debts owed to outsiders.
Account titles of liabilities often include the term "payable."
Cash received before a service is performed creates a liability.
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