liability
Definition 1
General: Claim against the assets, or legal obligations of a person or organization, arising out of past or current transactions or actions. Liabilities require mandatory transfer of assets, or provision of services, at specified dates or in determinable future.
Definition 2
Accounting: Accounts and wages payable, accrued rent and taxes, trade debt, and short and long-term loans. Owners' equity also is termed a liability because it is an obligation of the firm to its owners. Liabilities are entered on the right hand-side of the page in a double-entry bookkeeping system.
Definition 3
Law: (1) Responsibility for the consequences of one's acts or omissions, enforceable by civil remedy (damages) or criminal punishment. (2) An obligation to do or refrain from doing something.
liability is in the Accounting & Auditing, Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
liability appears in the definitions of the following terms:
loss contingency,
short form bill of lading (B/L),
outage,
deficit,
hidden reserve,
legal liability,
company limited by guarantee,
accounting records,
accounting cushion,
contribution
and
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