define libelity
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the state of being legally responsible for something
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A liability is defined as the a company's legal financial debts or obligations that arise during the course of business operation. Liabilities are settled over time through the transfer of economic benefits including money, goods or services. Recorded on the right side of the balance sheet, liabilities include loans, account payeble, mortgages, deferred revenues and accrued revenues.
Hope this will help u.
Hope this will help u.
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