Final answer:
A liability is characterized by a present obligation that will be settled in the future through the transfer of assets or provision of services, due to past events or transactions.
Step-by-step explanation:
The correct answer to the question of what characterizes a liability is b. It is a present obligation that will be settled by the probable future transfer of assets or services at a specified or determinable date. Liabilities are present financial obligations that a company is required to pay in the future as a result of past transactions or events. They typically involve the transfer of assets, provision of services, or other economic benefits.
To further clarify:
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- An obligation that can be avoided does not constitute a true liability.
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- The obligation event must have already occurred for it to be recognized as a liability.
Therefore, options a and c do not describe characteristics of a liability.