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