liability

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Liability

A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.

liability

An obligation to pay an amount in money, goods, or services to another party. The balance sheet lists the liabilities. Also called debt. Compare asset. See also contingent liability, current liability.

Liability.

In personal finance, liabilities are the amounts you owe to creditors, or the people and organizations that lend you money. Typical liabilities include your mortgage, car and educational loans, and credit card debt.

When you figure your net worth, you subtract your liabilities, or what you owe, from your assets. The result is your net worth, or the cash value of what you own.

In business, liabilities refer to money a company owes its creditors and any claims against its assets.

liability

a claim on the resources of an individual or business in respect of monies borrowed. A liability is thus a form of DEBT, for example a bank overdraft or LOAN, a building society MORTGAGE. See ASSET, BALANCE SHEET.

liability

a claim on the resources of an individual or business in respect of monies borrowed. A liability is thus a form of DEBT, for example, a bank overdraft or LOAN, a building society MORTGAGE. See ASSET, BALANCE SHEET.

liability

(1) A debt or obligation. (2) A potential loss,such as a poorly trained,poorly supervised real estate agent who may be a liability.

References in periodicals archive ?
For example, the satisfaction presumption provides that such an entity that is a partner is generally presumed to be able to satisfy its obligations under local law in determining how partnership liabilities are allocated, notwithstanding its actual net value.
The Fair Value Option for Financial Assets and Financial Liabilities
National pension expert Stephen D'Arcy, a professor of finance at the University of Illinois, said the question of whether the improving stock market will reduce the unfunded liabilities significantly depends on elected officials.
6, Recognition and Measurement of Certain Liabilities and Expenditures in Governmental Fund Financial Statements.
Each member is liable for his or her proportionate share of total liabilities, but may be assessed for additional funds if needed.
Although creditors and ongoing litigation may require the selling entity to settle known liabilities prior to the sale's consummation, future liabilities that might arise remain the responsibility of the seller, which, at that point, has few or no assets at risk.
In addition, the National Association of Unclaimed Property Administrators (NAUPA) has organized a nation-wide voluntary compliance program whereby 39 states have agreed to waive interest and penalties for companies voluntarily reporting their unclaimed property liabilities by October 31, 1999.
In effect, the inconsistent nature that Tillinghast found in fair-value results for insurance liabilities would "overlay" inherent differences from insurer to insurer caused by differences in reserving approaches, creating yet more uncertainty as to whether anyone comparing one insurer with another is comparing apples to apples, said Lowe.
The Accelerated Audit is concluded by an Accelerated Audit Closing Agreement (AACA), under which the taxpayer agrees to a final liability for the Audit Period (Proposed Final Liability) and the Department agrees to accept the Proposed Final Liability as final payment for all Outstanding Liabilities.
Peracchi claimed that his note had a basis equal to its face amount, thereby making the total basis in the property he contributed greater than the total liabilities.
Simultaneously, they have to come up with a way to remain solvent in the face of enormous environmental liabilities that are hard to pinpoint, long term in nature, magnets for litigation and mired in public controversy.
AIG Healthcare's Security & Privacy Insurance addresses liabilities resulting from a negligent disclosure or breach of private or confidential data, including: a failure of an insured's computer network security; wrongful release or disclosure of information by the insured, the insured's employee or another third party; and failure to protect personally identifiable information from misappropriation.