Knowledge Check 01 Which of the following statements about liabilities is true? Multiple Choice O In part, liabilities are probabile, future sacrifices of economic benefits that result from past transactions or events Current abilities as obligations payable within one year from the balance sheet date or within the firm's operating cycle, whichever is shorter Libes ordinary are recorded at their maturity amounts In practice, payable after one year from the balance sheet date ordinarily are recorded at their maturity amounts