Which of the following statements regarding liabilities is false? Multiple Choice A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. Potential future wages to be paid to employees should be recorded as liabilities. Long-term liabilities are obligations due after one year, or the company's operating cycle if longer: Liobilities are classified os either current or long term. Liabilities can involve uncertainty in whom to pay