DO NOT WRITE ON THE EXAM!!! MULTIPLE CHOICE. C question ionECHOICE. Choose the one alternative that best completes the statement or answers the 1) regarding liabilities are true except: Information about liabilities is more useful when the balance sheet identifies them as either current or long term. 1) All of the following statements from a B) For a liability to be reported, it must be a present obligation that results pas transaction or event, and requires a future payment of assets or services. C) Liabilities can involve uncertainty in whom to pay D) A liability is a probable future payment of assets or services. E) Unearned future wages to be paid to employees should be recorded as liabilities. 2) 2) Accounts payable are: A) Not usually due on specific dates. B) Always payable within 30 days. C) Amounts owed to suppliers for products and/or services purchased on credit. D) Long-term liabilities. E) Estimated liabilities. 3) If a company has advance ticket sales totaling $2,000,000 for the upcoming football 3 season, the receipt of cash would be journalized as: A) Debit Unearned Revenue, credit Sales. B) Debit Sales, credit Unearned Revenue. C) Debit Unearned Revenue, credit Cash. D) Debit Cash, credit Revenue. E) Debit Cash, credit Unearned Revenue. contingent liability is: A) An obligation not requiring future payment. B) Always of a specific amount. C) An obligation arising from a future event. O) A potential obligation that depends on a future event arising from a past transaction or event. ) An obligation arising from the purchase of goods or services on credit