Answer:
. Accounts payable
Explanation:
A liability is a debt or a financial obligation that an individual or a firm owes to other parties. It is money owed to somebody else or another company. Â Liabilities arise as firms and individuals engage in their normal business operations.
Liabilities can be short-term and long-term. Short term liabilities are obligations that a company expects to repay within the financial year. They comprise of invoices for goods and services received, but payments have not been made. Long-term liabilities are debts that a company will repay over a period exceeding one year. They are mostly used to finance business expansion.
