Liabilities are 1 O any accounts having credit balances after closing entries are made. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. O...

Explain thoroughly why it is the answer.

Extracted text: Liabilities are 1 O any accounts having credit balances after closing entries are made. deferred credits that are recognized and measured in conformity with generally accepted accounting principles. O obligations to transfer ownership shares to other entities in the future. O present obligations arising from past events and results in an outflow of resources. Clear selectic