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Jun 28, 2024 · 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,...
the responsibility of a person, business, or organization to pay or give up something of value: [ U ] He denies any liability in the accident. [ C usually pl ] The business has liabilities of $5 million. A liability is also anything that hurts your chances of success or that causes difficulties:
What is Liability? Liability is a term in accounting that is used to describe any kind of financial obligation that a business has to pay at the end of an accounting period to a person or a business. Liabilities are settled by transferring economic benefits such as money, goods or services.
The meaning of LIABILITY is the quality or state of being liable. How to use liability in a sentence.
the responsibility of a person, business, or organization to pay or give up something of value: [ U ] He denies any liability in the accident. [ C usually pl ] The business has liabilities of $5 million. A liability is also anything that hurts your chances of success or that causes difficulties:
A liability is a debt or obligation or a personal flaw that stands in your way. A company's liabilities are simply the debts on its ledger, but a personal liability might be your extreme shyness in social situations.
Liability definition: moneys owed; debts or pecuniary obligations (opposed to assets).. See examples of LIABILITY used in a sentence.
If you say that someone or something is a liability, you mean that they cause a lot of problems or embarrassment. As the president's prestige continues to fall, they're beginning to consider him a liability.
noun. /ˌlaɪəˈbɪləti/ (plural liabilities) [uncountable] the state of being legally responsible for something. liability (for something) The company cannot accept liability for any damage caused by natural disasters. liability to somebody The company has liabilities to its employees.
How does liability work? A liability is an agreement between two people that haven't been met or settled yet. In accounting, a financial liability is also an obligation.
