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In a classic experiment, two groups of rats explored a maze with the first group being rewarded with food at the end of the maze, while the second group wandered the maze but were unrewarded and showed no signs of learning. But later, when the "uneducated" rats were given food, they ran the maze as quickly as the rewarded group. The unrewarded animals had nevertheless learned their way around the maze because
Liability
A financial obligation or debt that an entity owes to another that must be paid in the future, such as loans, accounts payable, or mortgages.
Accounting Equation
The fundamental equation that represents the relationship between assets, liabilities, and owner's equity (Assets = Liabilities + Owner's Equity).
Owner's Equity
The residual interest in the assets of a company after deducting its liabilities; also known as shareholders' equity.
Liabilities
Financial obligations owed by a business to others, such as loans, accounts payable, and mortgages.
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