Liabilities are defined as: Resources owed by an entity as a result of past transactions. Resources owned by an entity as a result of past...

Liabilities are defined as: 1. Resources owed by an entity as a result of past transactions. 2. Resources owned by an entity as a result of past transactions. 3. Selling products and services to customers in the current period. 4. Costs of running the business in the current period.