Question

what are liabilities? ​

Answer 1

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A liability is something a person or company owes, usually a sum of money. ... Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, earned premiums, unearned premiums, and accrued expenses.

☑ We can also say that the things which takes money from our pockets is called liability.

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