LIABILITY Definition

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LIABILITY, in accounting, is a loan, expense, or any other form of claim on the assets of an entity that must be paid or otherwise honored by that entity.

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THIRD PARTY RECOVERY normally refers to delinquent accounts receivable recovered by a collection agency for a fee.

SIGNIFICANCE is a meaning that is not expressly stated but can be inferred, e.g. the significance of an increase in product demand can only be known after the financial effects are calculated.

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