Question

what is meaning of liability?​

Answer 1

hey mate here is your answer

A liability, in general, is an obligation to or something that you owe somebody else. Liabilities are defined as a company's legal financial debts or obligations that arise during the course of business operations. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, and accrued expenses.

hope it helps you

Answer 2

Explanation:

A liability is an obligation to or something that you own something else.. Eg money, goods etc..