What is Liability?
Answers were Sorted based on User's Feedback
Answer / biswa
the state of being legally obliged and responsible
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Answer / biswaranjan
what is indebtedness?
an obligation to pay money to another party.
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Answer / sara
liabilities are those which a business owes.e.g loan from
banks ,loan from friends ,loan from relatives.
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Answer / amar nath kosta
Liability means any legal responsibility, duty or obligation
for one's acts or omissions. It is the bound of necessity
that exists between the wrong doer and the remedy of the wrong.
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Answer / b.narasimha rao
PROBABLY FUTURE SACRIFICE OF A ECONOMIC BENIFITS ARISING
FROM PRESENT OBILIGATION OFA PARTUCULAT ENTITY TO TRANSFER
OF ASSETS
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