Which of the following statements is the correct definition of a liability?

A liability is recorded when money is earned by the business.

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

A liability is a claim against a customer who is delinquent in paying their bill.

A liability is a something of value owned by a business.

Match the definition on the left with the term$/$item on the rignt.

$($i$)$ Instructions

It is a collection of all

accounts and balances that

exist in a business.

It is a book of original entry

that includes a chronological

record of all transactions that

have occurred within a

business during a period

occurred

It is a list of each account and

its balance at any given time

and is used to verify that

debits $=$ credits

It is a list of all ledger

accounts and includes an

identification number

assigned to each account