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- DictionaryLi·a·bil·i·ty/ˌlīəˈbilədē/
noun
- 1. the state of being responsible for something, especially by law: "the partners accept unlimited liability for any risks they undertake"
- 2. a person or thing whose presence or behavior is likely to cause embarrassment or put one at a disadvantage: "he has become a political liability"
Learn the various meanings and uses of the word liability, from legal and financial contexts to everyday language. Find synonyms, examples, word history, and related phrases for liability.
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- What Is A Liability?
- How Liabilities Work
- Other Definitions of Liability
- Current vs. Non-Current Liabilities
- Liabilities vs. Assets
- Liabilities vs. Expenses
- Example of Liabilities
- The Bottom Line
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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, goods, or services. They're recorded on the right side of the balance sheet and include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued exp...
A liability is generally an obligation between one party and another that's not yet completed or paid. A financial liability is also an obligation in the world of accounting but it's defined more by previous business transactions, events, sales, exchange of assetsor services, or anything that would provide economic benefit at a later date. Liabilit...
Liability generally refers to the state of being responsible for something. The term can refer to any money or service owed to another party. Tax liability can refer to the property taxesthat a homeowner owes to the municipal government or the income tax they owe to the federal government. A retailer has a sales tax liability on their books when th...
It's a long-term liability if a business takes out a mortgage that's payable over a 15-year period but the mortgage payments that are due during the current year are the current portion of long-term debt. They're recorded in the short-term liabilities section of the balance sheet.
Assets are what a company owns or something that's owed to the company. They include tangible items such as buildings, machinery, and equipment as well as intangibles such as accounts receivable, interest owed, patents, or intellectual property. The difference is its owner's or stockholders' equityif a business subtracts its liabilities from its as...
An expense is the cost of operations that a company incurs to generate revenue. Expenses are related to revenue, unlike assets and liabilities. Both are listed on a company's income statement. Expenses are used to calculate net income. The equation is revenues minus expenses. Liabilities are listed on a company's balance sheet and expenses are list...
Let's look at a historical example using AT&T's (T) 2020 balance sheet.The current/short-term liabilities are separated from long-term/non-current liabilities. AT&T clearly defines its bank debt that's maturing in less than one year under current liabilities. This is often used as operating capital for day-to-day operations by a company of this siz...
A liability is anything you owe to another individual or an entity such as a lender or tax authority. The term can also refer to a legal obligation or an action you’re obligated to take. Both businesses and individuals can have liabilities. Your loan is a liability if you borrow money to purchase a car. The portion of the vehicle that you’ve alread...
A liability is something that a person or company owes, usually a sum of money. Learn about the different types of liabilities, how they're recorded on the balance sheet, and how they differ from assets.
Learn the meaning of liability as a noun in English, with synonyms, collocations, and usage examples. Find out how liability can refer to legal responsibility, debts, or risks in different contexts.
Learn the meaning of liability as a noun in different contexts, such as law, finance, and business. Find out how to use liability in sentences and collocations with other words.
noun. , plural li·a·bil·i·ties. liabilities, Finance. moneys owed; debts or pecuniary obligations ( assets ). Accounting. liabilities as detailed on a balance sheet, especially in relation to assets and capital. something disadvantageous: His lack of education is his biggest liability.
Sep 5, 2016 · Learn what liability means in law, finance, and everyday life. Find out the difference between civil and criminal liability, and how to use a liability waiver.
Learn the legal meaning of liability as the condition or state of being held responsible for something. Find examples of how to use the word in sentences and browse other legal terms.
