Question 1 (2 points)

A liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.

Question 1 options:

	True
	False

Question 2 (2 points)

A liability can be defined by a type of borrowing from persons or banks for improving a business or personal income that is payable in the current or long term.

Question 2 options:

	True
	False