Respuesta :
Knowledge of the Sarbanes-Oxley Act minimizes a business's liability exposure when making decisions related to accounting practices.
In general, a liability is something that is due to another party. The legal or regulatory risk or responsibility is another definition of liability. Companies record obligations versus assets in their accounting records.
A company's assets are any possessions that have the potential to provide future financial gain. Your debts to other people are called liabilities. In other words, assets increase your wealth while obligations decrease it.
Any debts owed by your business to others, including bank loans, mortgages, unpaid bills, IOUs, and other sums of money, are referred to as liabilities.
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