What is the definition of liability? the amount a consumer must pay after an incident before the insurance company starts paying the monthly amount paid for insurance intentionally destroying something in order to collect insurance a responsibility to pay for or fix a problem

Liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.

What is liability?

A liability is something that a company owes, this can mean debt or another type of obligation such as taxes or outstanding wages. This is known as deferred revenue, as the company cannot count it until they have done the work.

A liability is an obligation and it is reported on a company's balance sheet. Liabilities are a vital aspect of a company because they are used to finance operations and pay for large expansions. They can also make transactions between businesses more efficient. For example, in most cases, if a wine supplier sells a case of wine to a restaurant, it does not demand payment when it delivers the goods. A common example of a liability is accounts payable. Accounts payable arise when a company purchases goods or services on credit from a supplier.

Learn more about liability, refer:

https://brainly.com/question/24079019

#SPJ2