Question

what is meant by liability​

Answer 1

Required Answer:

☑ Liability is a term in accounting that is used to describe any kind of financial obligation that a business has to pay at the end of an accounting period to a person or a business. Liabilities are settled by transferring economic benefits such as money, goods or services.

Answer 2

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Explanation:

A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. In general, a liability is an obligation between one party and another not yet completed or paid for.

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