what is meant by liability
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A liability is something 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. ... In general, a liability is an obligation between one party and another not yet completed or paid for.
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A liability is a legally binding obligation payable to another entity. ... Examples of liabilities are accounts payable, accrued expenses, wages payable, and taxes payable. These obligations are eventually settled through the transfer of cash or other assets to the other party.
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