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A liability is something that a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money,...
1. a. : the quality or state of being liable. was cleared of liability for the accident. b. : probability. 2. : something for which one is liable. especially : pecuniary obligation : debt usually used in plural. business assets and liabilities. 3. : one that acts as a disadvantage : drawback.
A liability is an obligation of a company that results in the company’s future sacrifices of economic benefits to other entities or businesses. A liability, like debt, can be an alternative to equity as a source of a company’s financing.
Definition: A liability is a debt owed from one company to a person or company that is not an owner of business. In other words, liabilities are debts owed to non-owners or creditors.
LIABILITY definition: 1. the fact that someone is legally responsible for something: 2. debts: 3. something or someone…. Learn more.
What are Liabilities? Liabilities are legally binding obligations that are payable to another person or entity. Settlement of a liability can be accomplished through the transfer of money, goods, or services. A liability is increased in the accounting records with a credit and decreased with a debit. A liability can be considered a source of ...
LIABILITY meaning: 1. the fact that someone is legally responsible for something: 2. debts: 3. something or someone…. Learn more.
In accounting and finance, a Liability is a legal debt or obligation that an entity must pay back. An entity could be, for example, a person or a company. Assets are what a company owns, while liabilities are what it owes. The International Accounting Standards Board’s (IASB’s) definition of a liability is currently the most widely accepted ...
A liability is an obligation of money or service owed to another party. What is a liability to you is an asset to the party you owe. You can think of liabilities as claims that other parties have to your assets. On a company balance sheet, liabilities and assets are listed side by side.
in English. liabilities. phrase [ plural ] finance & economics specialized. Add to word list. debts: The business has liabilities of 2 million euros. The company has huge pension liabilities. This firm is in strong financial shape, with $88 million in assets and only $17 million in liabilities.