Question

What Is Liability...???​

Answer 1

Answer:

Answer:It is the money that you owe to someone

Explanation:

consider ABC company obtained loan of amount Rs. 150,000 from PQR to expand their company. this amount is consider as liability to the company. whereas from PQR aspect, this amount is an asset as it he owned the amount, he's just lending to make more profits thru interests. in short, Liability is the money that you owe to someone .

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short terms to understand

1. short terms to understand Asset - what you own (which belongs to you)
2. short terms to understand Asset - what you own (which belongs to you) Liability - what you owe to someone ( which belongs to someone but having with you. You are needed to return it either same or with extra amount)

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Answer 2

Answer:

here is your answer ..

Explanation:

A liability is something a person or company owes ,usually a sum of money .......recorded on the right side of the balanced sheet ,liabilities include loans, account payable, mortgages, deferred revenue's ,bonds ,warranties and accured expenses