Question

what is liability in accountancy​

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.

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Answer 2

Answer:

Liabilities in accounting is a company’s financial obligations, like the money a business owes its suppliers, wages payable and loans owing, which can be found on a business’ balance sheet.

Explanation:

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