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From Longman Business Dictionary liability li‧a‧bil‧i‧ty / ˌlaɪəˈbɪləti / noun (plural liabilities) 1 [countable usually plural] ACCOUNTING FINANCE an amount of money owed by a business to a supplier, lender etc In its bankruptcy filing, the company listed liabilities of $363.7 million and assets of $141.3 million.
Apr 18, 2024 · 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 funds, since an amount ...
Dec 2, 2023 · A liability is a legally binding obligation payable to another entity. Liabilities are incurred in order to fund the ongoing activities of a business. Examples of liabilities are accounts payable, accrued expenses, wages payable, and taxes payable. These obligations are eventually settled through the transfer of cash or other assets to the ...
Liability definition: moneys owed; debts or pecuniary obligations (opposed to assets).. See examples of LIABILITY used in a sentence.
liability. A party is liable when they are held legally responsible for something. Unlike in criminal cases, where a defendant could be found guilty, a defendant in a civil case risks only liability. A party can be held liable based on their own actions, their own inactions, or the actions of people/animals for which they are legally responsible.
2 [countable, usually singular] (informal) a person or thing that causes you a lot of problems Since his injury, Jones has become more of a liability than an asset to the team. 3 [ countable , usually plural ] the amount of money that a person or company owes The company is reported to have liabilities of nearly $90 ,000.
Liabilities definition: business obligations incurred but not discharged and entered as claims on the assets shown on the balance sheet. See examples of LIABILITIES used in a sentence.
