Question

what do you understand by liability​

Answer 1

A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. ... The most common liabilities are usually the largest like accounts payable and bonds payable

Answer 2

Explanation:

A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. ... In general, a liability is an obligation between one party and another not yet completed or paid for.