1. Liabilities are defined as:

Select one or more:

a. Resources owed by an entity as a result of past transactions.

b. Resources owned by an entity as a result of past transactions.

c. Costs of running the business in the current period.

d. Selling products and services to customers in the current period.

2.What is the accounting type of Deferred Revenue (Unearned Revenue)?

Select one or more:

a. Revenue

b. Current Liability

c. Expense

d. Asset