Which of the following statements is (are) correct regarding the definition of a liability? (Check all that apply.) Check all that apply. A lability 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 recelved by a business. A liability is a claim by creditors against the assets of a business. A liability is a debt owed by the business. A liability can be settled by transferring assets or providing products or services to others. ) Read about this