Question

what is meant by liability? Explain with the help of example.​

Answer 1

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Liabilities are obligations of the company; they are amounts owed to creditors for a past transaction and they usually have the word "payable" in their account title. ... Examples of liability accounts reported on a company's balance sheet include: Notes Payable. Accounts Payable.

Answer 2

Answer:

A liability is a legally binding obligation payable to another entity. ... Examples of liabilities are accounts payable, accrued expenses, wages payable, and taxes payable. These obligations are eventually settled through the transfer of cash or other assets to the other party