A liability is a company’s financial debt or obligations that arise during the course of its bu-
siness operations. Liabilities are settled over time through the transfer of economic benefits
including money, goods or services. Recorded on the right side of the balance sheet, liabili-
ties include loans, accounts payable, mortgages, deferred revenues and accrued expenses.
Liabilities are a vital aspect of a company because they are used to finance operations
and pay for large expansions. They can also make transactions between businesses more
efficient. For example, in most cases, if a wine supplier sells a case of wine to a restaurant,
it does not deman...
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