The resulting amount when total liabilities are subtracted from total assets is known as Select one: O a. Total expenses O b. Net income or net loss O c. Total revenue O d. Owner's equity Which one of the following statements does not describe liabilities correctly? Select one: O a. Most common long-term liabilities are loans and mortgage loan. O b. Current liabilities are long-term obligation that are payable after more than one year. Oc. Examples of current liabilities are bank overdrafts, short-term loans and accrued expenses. Od. Liabilities are economic obligations of a business