Description: Accounting for Beginners #1 / Debits and Credits / Assets = Liabilities + Equity, Live Online - CFA Level I- Accounting for Long Term Liabilities - 2020, Liabilities | O'Levels Accounting 7707/0452 | CAIE/IGCSE | Olevels Online
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A liability can mean something that is a hindrance or puts an individual or group at a disadvantage, or something someone is responsible for, or something that increases the chance of something occurring (i.e., it is a cause).
Liability may also refer in specific fields to:
Economics is the social science that describes the factors that determine the production , distribution and consumption of goods and services .