Question

Which of the following best describes a liability? a. anything of value owned by the business. b. something that a business owes. c. listed on the lift - hand side of a balance sheet. d. always equal to an asset

Answer 1

B/ something that a business owes

Answer 2

The correct answer of the given question would be option B. The statement that best describes a liability would be something that a business owes. A liability is considered an obligation and is listed on a company's balance sheet. This is part of the accounts payable. Hope this is the answer that you are looking for.