Question $3(1$ point$)$

Which of the following statements is false?

Liabilities are economic obligations to outsiders

Assets are economic resources that are expected to benefit future periods

Expenses are decreases in owner's equity that result from delivering goods and

services to customers

Revenues are assets because they represent economic benefits

Question $4(1$ point$)$

Which of these is $($are$)$ an example of a liability account?

Withdrawals

Telephone Expense

Salary Payable

All of the above