An in-depth report of all increases and decreases that have occurred in a selected asset, liability, or equity at some point in duration is known as an account.
A liability is something someone or an organization owes, typically a sum of money. Liabilities are settled over time through the transfer of financial advantages such as cash, items, or offerings. liability is defined as the kingdom of being liable for something or something that a person is answerable for. An instance of legal responsibility is someone having to pay returned pupil loans. An instance of liability is the price of an automobile coincidence.
Liability is any money owed to your business enterprise, whether or not it is bank loans, mortgages, unpaid payments, IOUs, or some other amount of money that you owe a person else. if you've promised to pay someone an amount of cash in the future and haven't paid them yet, it is a liability.
Learn more about Liability here:
brainly.com/question/25012970
#SPJ4
