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What is the definition of liability

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What is the definition of liability

Posted by Rajnish Sharma 4 years, 1 month ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 4 years, 1 month 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.

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