liability


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Related to liability: capital, revenue, Assets and Liabilities, Total Liabilities

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 ?
If alliance members are found to be operating in a joint venture, that might give rise to vicarious liability for those members.
Under "Superfund" regulations (Comprehensive Environmental Response, Compensation and Liability Act), every party that ever owned a property can be held liable for environmental damage arising from it--even if the damage occurred years ago when the property was owned by others.
4) Either the liability's amount is not material or the liability's accrual in the earlier year results in better matching of the liability against the related income.
It is imperative that owners and directors with fiduciary responsibilities examine their general liability insurance to confirm the scope of their coverage for employee benefits liability, if any.
Many private companies are planning activities that may increase their exposure to management liability risks," Lisa McGee, vice president, Chubb & Son, said in a statement.
Many lending institutions that are potentially subject to CERCLA liability are federally insured through the bank and thrift insurance funds.
California's Liability Wars have a rich history in which the tobacco industry, like a profiteer, parlayed a small role into immense advantage.
Directors should be cautious about adding persons and organizations to their camp's liability insurance as Additional Insured.
Disregarding the note, the basis of the contributed assets was less than the amount of the liability encumbering them.
These limitations on liability would be available broadly to all lenders and would protect governmental as well as private lenders.
The law was expanded in 1986 to allow for virtually any commercial liability coverage except worker's compensation and employer's liability to be written by a Risk Retention Group.
An employer should recognize a liability and expense for voluntary termination benefits, in financial statements prepared on the accrual basis of accounting, when the employees accept the offer and the amounts can be estimated.