Question

Liabilities are debts the business owes and can include the following:

Answer 1

Liabilities are debts the business owes in mortgages, accounts payable and notes payable

Thus, option C is the correct answer.

What is a Liabilities?

• A liability is a debt that a person or business has, typically in the form of money.
• Through the transmission of economic benefits like money, products, or services, liabilities are eventually satisfied.
• Liabilities are items that are listed on the balance sheet's right side and consist of debts including loans, accounts payable, mortgages, deferred income, bonds, warranties, and accumulated expenses.
• Assets and liabilities can be compared. Assets are items you own or owe money to; liabilities are things you owe money to or have borrowed.
• A liability, in general, is an obligation between two parties that hasn't been fulfilled or paid for.
• A financial liability is an obligation in the world of accounting, but it is more specifically characterised by previous business transactions, events, sales, exchanges of goods or services, or anything else that will generate income in the future.

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