 [lī́ə-bĭĺĭ-tē]
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Liability - Wikipedia, the free encyclopedia
A liability is anything that is a hindrance or puts an individual or group at a disadvantage. Liability may also refer to: • legal liability • public liability • liability (financial accounting), ...
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Liability (financial accounting) - Wikipedia, the free encyclopedia
In financial accounting, a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provi...
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Legal liability - Wikipedia, the free encyclopedia
Legal liability is the legal bound obligation to pay debts. • In law a person is said to be legal liable when they are financially and legally responsible for something. Legal liability concerns both...
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The Legal Term * Liability * Defined & Explained ... LIABILITY - Any legal responsibility, duty or obligation. The state of one who is bound in law and justice to do something which may be enforced by action. This liability may arise from contracts either express or implied or in consequence of torts committed.
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Investopedia explains Liability; Recorded on the balance sheet (right side), liabilities include loans, accounts payable, mortgages, deferred revenues and accrued expenses. Liabilities are a vital aspect of a company's operations because they are used to finance operations and pay for large expansions.
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