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- Dictionaryliability/ˌlʌɪəˈbɪlɪti/
noun
- 1. the state of being legally responsible for something: "once you contact the card protection scheme your liability for any loss ends" Similar Opposite
- 2. a person or thing whose presence or behaviour is likely to put one at a disadvantage: "she said the party had become a liability to green politics" Similar Opposite
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Jul 30, 2024 · A liability is something a person or company owes, usually a sum of money. Payment can be either near- or long-term. Liability can also mean a legal risk or obligation.
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.
LIABILITY definition: 1. the fact that someone is legally responsible for something: 2. debts: 3. something or someone…. Learn more.
Liability – Accounting Definition. In a business scenario, a liability is an obligation payable to a third party. It may or may not be a legal obligation and arises from transactions and events that occurred in the past. It is usually payable to an external party (e.g. lenders, long-term loans).
Sep 5, 2016 · Noun. The state of being liable, or responsible, for something. An obligation, debt, or responsibility. Something that serves as a hindrance or disadvantage. Origin of Liable (base word) 1535-1545 Anglo-French lier (to bind) What is Liability.
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.
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 an agreement between two people that haven't been met or settled yet. In accounting, a financial liability is also an obligation. Still, it is usually defined by past business transactions, events, sales, exchanges of goods or services, or anything else that could give the company an economic advantage in the future.
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.
Liability definition: moneys owed; debts or pecuniary obligations (opposed to assets).. See examples of LIABILITY used in a sentence.
