liability account

Definition

Accounting statement which tracks how much a person or business owes a creditor. The liability account tracks debts owed to banks, vendors, employees and any other creditor who had not yet been paid for products or services received.

Related Articles

Related Videos




http://www.businessdictionary.com/definition/liability-account.html

Today's Top Bulls

AAPL
72% Bullish
(36 Votes)
Rate it
WWE
70% Bullish
(102 Votes)
Rate it
GOOG
69% Bullish
(75 Votes)
Rate it

Nearby Terms

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z