To be recorded as a liability, an item must meet three specific conditions. Two of them are: it must involve probable future sacrifice of economic resources by the entity, and it must be a present obligation that arose as a result of a past transaction. Which one of the following is the third condition?

The item must reduce the market value of the recording entity

It must involve a transfer of resources to another entity

It must involve the expenditure of cash now or in the future

It must not cause total liabilities to exceed total assets

Take a critical and analytical (objective) look at your life. think about your wants and needs. list in two separate columns your top ten wants and your top ten needs. for each one, give a one-sentence explanation as to why it is a want or a need. next, explain why you need your needs, but don't actually need your wants. how does this change your perspective when considering things you want? design a budget using the template you researched and chose from the internet. allow yourself an income of $240 per month. assume that your housing, medical care, and food needs are covered by your parents. everything else is covered by you. this might include, but is not limited to, clothing, snacks, car insurance, automobile fuel, car payment, haircuts and personal care, make-up, toiletries, club memberships, entertainment, coffee drinks, and other purchases. designate how you will allocate the $240 monthly.