Question

what is liabality in accounts

Answer 1

Answer:

A liability is something a person or company owes, usually a sum of money. ... In the world of accounting, a financial liability is also an obligation but is more defined by previous business transactions, events, sales, exchange of assets or services, or anything that would provide economic benefit at a later date$\Large\mathtt{\fcolorbox{lime}{black}{\pink{xxitzcrazygirlxx1}}}$

Answer 2

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What is a Liability?

A liability is a financial obligation of a company that results in the company’s future sacrifices of economic benefits to other entities or businesses. A liability can be an alternative to equity as a source of a company’s financing. Moreover, some liabilities, such as accounts payable or income taxes payable, are essential parts of day-to-day business operations.