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jollyrancherdc jollyrancherdc
  • 11-07-2016
  • Business
Answered

Legal obligations that carry punishments, if not followed, are ____?

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saadhussain514
saadhussain514 saadhussain514
  • 03-07-2018

Legal obligations that carry punishments, if not followed, are liabilities.

Liabilities are wrongfully binding obligations that are collectible to a different person or entity. Settlement of a liability is often accomplished through the transfer of cash, goods, or services. A liability is hyperbolic within the accounting records with a credit and shrunken with a debit.

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