All of the following statements regarding liabilities are true except: multiple choice a liability is a probable future payment of assets or services. for a liability to be reported, it must be a present obligation that results from a past transaction or event, and requires a future payment of assets or services. information about liabilities is more useful when the balance sheet identifies them as either current or long term. liabilities can involve uncertainty in whom to pay. unearned future wages to be paid to employees should be recorded as liabilitie.