Which of the Following Statements Is Not True Regarding the Three

Multiple Choice

Which of the following statements is not true regarding the three major definitions of accounting liabilities that have evolved over time?

A) Two of the three definitions imply a proprietary view of the firm.
B) The first definition made no distinction between owner's equity and liabilities.
C) Not all definitions have included deferred credits as liabilities.
D) In all three definitions, liabilities include only credit balances that involve a debtor and creditor relation.