What are liabilities? Describe two different types of liabilities.

1.)the state of being responsible for something, especially by law.

"the partners accept unlimited liability for any risks they undertake"

2.) thing for which someone is responsible, especially a debt or financial obligation.

plural noun: liabilities

"valuing the company's liabilities and assets"

Explanation:

Brainliest!

Indebtedness

Explanation:

Liabilities can be defined as the present obligation of a firm or individual resulting from past event from which future economic benefit is expected to flow out of the firm or individual.

Liability is basically is divided into Non current liabilities and current liabilities.

Non current liabilities are present obligation of a firm or individual resulting from past events from which future economic benefit is expected to flow out of the firm or individual which is of a duration of more than one year. Examples include Debentures, long term loans, deferred tax, etc.

Current liabilities can be defined as the present obligation of a firm or individual resulting from past event from which future economic benefit is expected to flow out of the firm or individual which repayment spans within an accounting year. Examples include trade payable, short term loans, accruals, etc

b. a single paragraph.

a paragraph is a series of sentences that are organized and make sense, and are all related to a single topic . almost every piece of writing you do that is longer than a few sentences should be organized into paragraphs. this is because paragraphs show a reader where the subdivisions of an essay begin and end, and thus the reader see the organization of the essay into subjects in order to be able to understand its main points.

answer; rapid growth in buyer demand and high buyer switching cost;