Question

Define term liability

Answer 1

Answer:

A liability is something a person or company owes, usually a sum of money. ... The most common liabilities are usually the largest like accounts payable and bonds payable. Most companies will have these two line items on their balance sheet, as they are part of ongoing current and long-term operations.

Answer 2

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• the state of being legally responsible for something.
• a person or thing whose presence or behaviour is likely to put one at a disadvantage.

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