Which one of the following statements correctly defines liabilities?

(a) Liabilities are present obligations of a reporting entity to transfer economic resources as a result of past events.

(b) Liabilities are present economic resources controlled by the entity because of past events.

(c) Liabilities are the residual interest in the assets of an entity after deducting all its liabilities.

(d) Liabilities are commonly known as the obligations of the entity.

Choose the correct option from the following:

• A.

  (a), (b) and (c).

• B.

  (b), (c) and (d).

• C.

  (a), (c) and (d).

• D.

  (a) and (d).

• E.

  (a), (b) and (c).