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- Dictionaryliability/ˌlʌɪəˈbɪlɪti/
noun
- 1. the state of being legally responsible for something: "once you contact the card protection scheme your liability for any loss ends" Similar Opposite
- 2. a person or thing whose presence or behaviour is likely to put one at a disadvantage: "she said the party had become a liability to green politics" Similar Opposite
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What does liability mean?
What does liability mean in a sentence?
What is a company's liability?
What is the plural of liability?
the responsibility of a person, business, or organization to pay or give up something of value: [ U ] He denies any liability in the accident. [ C usually pl ] The business has liabilities of $5 million. A liability is also anything that hurts your chances of success or that causes difficulties:
The meaning of LIABILITY is the quality or state of being liable. How to use liability in a sentence.
- What Is A Liability?
- How Liabilities Work
- Other Definitions of Liability
- Current vs. Non-Current Liabilities
- Liabilities vs. Assets
- Liabilities vs. Expenses
- Example of Liabilities
- The Bottom Line
A liability is something that a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services. They're recorded on the right side of the balance sheet and include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued exp...
A liability is generally an obligation between one party and another that's not yet completed or paid. A financial liability is also an obligation in the world of accounting but it's defined more by previous business transactions, events, sales, exchange of assetsor services, or anything that would provide economic benefit at a later date. Liabilit...
Liability generally refers to the state of being responsible for something. The term can refer to any money or service owed to another party. Tax liability can refer to the property taxesthat a homeowner owes to the municipal government or the income tax they owe to the federal government. A retailer has a sales tax liability on their books when th...
It's a long-term liability if a business takes out a mortgage that's payable over a 15-year period but the mortgage payments that are due during the current year are the current portion of long-term debt. They're recorded in the short-term liabilities section of the balance sheet.
Assets are what a company owns or something that's owed to the company. They include tangible items such as buildings, machinery, and equipment as well as intangibles such as accounts receivable, interest owed, patents, or intellectual property. The difference is its owner's or stockholders' equityif a business subtracts its liabilities from its as...
An expense is the cost of operations that a company incurs to generate revenue. Expenses are related to revenue, unlike assets and liabilities. Both are listed on a company's income statement. Expenses are used to calculate net income. The equation is revenues minus expenses. Liabilities are listed on a company's balance sheet and expenses are list...
Let's look at a historical example using AT&T's (T) 2020 balance sheet.The current/short-term liabilities are separated from long-term/non-current liabilities. AT&T clearly defines its bank debt that's maturing in less than one year under current liabilities. This is often used as operating capital for day-to-day operations by a company of this siz...
A liability is anything you owe to another individual or an entity such as a lender or tax authority. The term can also refer to a legal obligation or an action you’re obligated to take. Both businesses and individuals can have liabilities. Your loan is a liability if you borrow money to purchase a car. The portion of the vehicle that you’ve alread...
Liability definition: moneys owed; debts or pecuniary obligations (opposed to assets).. See examples of LIABILITY used in a sentence.
the responsibility of a person, business, or organization to pay or give up something of value: [ U ] He denies any liability in the accident. [ C usually pl ] The business has liabilities of $5 million. A liability is also anything that hurts your chances of success or that causes difficulties:
If you say that someone or something is a liability, you mean that they cause a lot of problems or embarrassment. As the president's prestige continues to fall, they're beginning to consider him a liability.
A liability is a debt or obligation or a personal flaw that stands in your way. A company's liabilities are simply the debts on its ledger, but a personal liability might be your extreme shyness in social situations.
