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Multiple Select Question

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Which of the following statements is $($are$)$ correct regarding the definition of a liability? $($Check all that apply$)$

A liability is a claim by creditors against the assets of a business.

A llability is a thing of value owned by the business and is increased on the left side of a T$-$account.

A liability is an asset waiting to be received by a business.

A flablity is a debt owed by the business.

A liability can be settled by transferring assets or providing products or services to others.

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