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Define liability ?

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Define liability ?

Posted by Rimjhim Dwivedi 6 years, 8 months ago

CBSE > Class 11 > Accountancy

3 answers

Gaurav Jaat 6 years, 8 months ago

It is the amount payable by the business for proprietor is called liabilities

Yogita Ingle 6 years, 8 months ago

The economic value of an obligation or debt that is payable by the enterprise to other establishment or individual is referred to liability. To put it in other words, liabilities are the obligations that are rising out of previous transactions, which is payable by the enterprise, through the assets possessed by the enterprise.

Vivek Roy 6 years, 8 months ago

Liability =loan creditor etc

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