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2.Assume that your friend Will Morris, who is a music major, asks you to define and discuss the nature of a liability. Assist him by

2.Assume that your friend Will Morris, who is a music major, asks you to define and discuss the nature of a liability. Assist him by preparing a definition of a liability and by explaining to him what you believe are the elements or factors inherent in the concept of a liability.

3.Why is the liabilities section of the balance sheet of primary significance to bankers?

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