In business, what does the term "liability" refer to? - SchoolNGR

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In business, what does the term "liability" refer to?

In business, what does the term "liability" refer to?

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Take Free Practice Test On 2026 JAMB UTME, Post UTME, WAEC SSCE, GCE, NECO SSCE

A An asset owned by the company
B A debt or obligation of the company
C The profit made by the company
D The revenue of the company
E The capital of the company

Correct Answer: Option B

Explanation:
A liability is a debt or obligation that a company owes.

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