what is liability.explain,
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liabilities are defined as companies legal financial debts or obligations that arise during the course of business operations
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Liability
Liability is an obligation, that is legal to pay like debt or the money to pay for the services or the goods utilized. The liabilities are settled over a particular time period. Some of the examples of Liabilities are Accounts payable, Expenses payable, Salaries payable, Interest payable.
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