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In Business / College | 2025-07-07

What is a liability?
A. An asset you own.
B. A debt you owe now.
C. A debt you may owe in the future.
D. Money you have saved for the future.

Asked by calebmackattack

Answer (2)

A liability is an obligation that an individual or organization owes to another party, typically in the form of a debt. The correct answer from the choices is 'A debt you owe now,' which describes the current nature of liabilities. Liabilities can be classified as current or long-term based on their due dates. ;

Answered by GinnyAnswer | 2025-07-08

A liability is an obligation or debt that you owe to another party, typically represented on a balance sheet. The correct answer to the multiple-choice question is "A debt you owe now," as this reflects current financial obligations. Liabilities can be categorized into current (due within a year) and long-term (due in over a year).
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Answered by Anonymous | 2025-07-12

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