MANAGEMENT

Detailed explanation-1: -Liabilities are the legal debts a company owes to third-party creditors. They can include accounts payable, notes payable and bank debt. All businesses must take on liabilities in order to operate and grow.

Detailed explanation-2: -Liabilities include everything your business owes, presently and in the future. These include loans, legal debts or other obligations that arise in the course of business operations. The loans are often used to finance your operations, or pay for expansions or new equipment.

Detailed explanation-3: -A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services.