Which of the following statements is (are) correct regarding the definition of a liability?
a. A lability is a thing of value owned by the business and is increased on the left side of a T-account.
b. A liability is an asset waiting to be recelved by a business. A liability is a claim by creditors against the assets of a business.
c. A liability is a debt owed by the business.
d. A liability can be settled by transferring assets or providing products or services to others.
