What Is Liabilities?

Liabilities are expenses and debts incurred by a business. They include costs of manufacturing and distribution, costs of maintaining infrastructure such as building, and taxes.

Liabilities is the amount of debt that is owed by the company. These debts are arised from the expenses incurred to carry out your operational activities but liabilities should not be expense and debts. Since expenses are recorded in Profit and Loss statement while Liabilities are recorded in balance sheet.

Liabilities are opposite of assets    it means the amount which a company has to paid