Knowledge Check 01 Which of the following statements about liabilities are true? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Liabilities rarely play a significant role in financing business activities. 2 Liabilities are created when a company buys goods and services on credit. ? Liabilities are created when a company obtains short-term loans to cover gaps in cash flows. ? Liabilities are created when a company issues long-term debt to obtain money for expanding into new regions and markets