Answer:
false
Explanation:
from the definition of liability it means the payments to be made to other entity in the future which means it is made over time and not immediately. due to the transaction entered with such entity in the present or in the past. these involves economical sacrifices by the liability holder to the entity.
Liabilities might be confused with assets in some context but one big difference between them is that liabilities depreciate in value and it mostly requires a steady economic sacrifice to keep it functional with time while assets appreciate in value with time.
when you take a loan to buy a luxury car you have incurred a liability which involves payment of interest in other to service the loan and if you don't pay on time a penalty is attached to it.
