What is a liability?

submitted by musthak

g

obligation/payables

Inyene-obong B.

Liability is a product or property that are no longer profitable to a producer...

op

Inyene, that's not actually true. A liability is something you owe.

Something that is no longer profitable might be categorized as a depreciated asset.

kealeboga

Liabilities are debts of the business.

Liaqat

Raising funds from outsider of the business. The business is liable to pay it in some future time.