11. Which of the following best describes liabilities? A. Possible debts or obligations of an entity as a result of future transactions, which will be paid with assets or services. B. Possible debts or obligations of an entity as a result of past transactions, which will be paid with assets or services. C. Probable debts or obligations of an entity as a result of future transactions, which will be paid with assets or services. D. Probable debts or obligations of an entity as a result of past transactions, which will be paid with assets or services. 11. Which of the following best describes liabilities? A. Possible debts or obligations of an entity as a result of future transactions, which will be paid with assets or services. B. Possible debts or obligations of an entity as a result of past transactions, which will be paid with assets or services. C. Probable debts or obligations of an entity as a result of future transactions, which will be paid with assets or services. D. Probable debts or obligations of an entity as a result of past transactions, which will be paid with assets or services