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- Liabilities in accounting123are:
- Money owed to buy an asset, such as a loan used to purchase office equipment.
- Ongoing payments for services or obligations that have no physical value.
- Quantities of value that a financial entity owes, which can be settled through assets transferred or services performed.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.A liability (generally speaking) is something that is owed to somebody else. Liability can also mean a legal or regulatory risk or obligation. In accounting, companies book liabilities in opposition to assets.www.investopedia.com/terms/l/liability.aspLiabilities in accounting are money owed to buy an asset, like a loan used to purchase new office equipment or pay expenses, which are ongoing payments for something that has no physical value or for a service.www.freshbooks.com/hub/accounting/liabilities-acc…In financial accounting, a liability is a quantity of value that a financial entity owes. More technically, it is value that an entity is expected to deliver in the future to satisfy a present obligation arising from past events. The value delivered to settle a liability may be in the form of assets transferred or services performed.en.wikipedia.org/wiki/Liability_(financial_accounting) - People also ask
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