For balance sheet purposes,the best definition of a liability is anything that impedes your financial progress.

Question

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A liability is a debt or obligation owed to someone else that must be fulfilled in the future, whether that be through payment or other means. Liabilities do not necessarily impede financial progress, as they may be necessary for a business to function or for an individual to invest in their future.

For Balance Sheet Purposes,the Best Definition of a Liability Is