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.
Explanation:
the state of being responsible for something, especially by law.
"the partners accept unlimited liability for any risks they undertake"
Answers & Comments
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.
Explanation:
the state of being responsible for something, especially by law.
"the partners accept unlimited liability for any risks they undertake"