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.
LONG-TERM LIABILITIES are liabilities of a business that are due in more than one year. An example of a long-term liability would be a mortgage payable.
INSTALLATION is 1. the act of installing something (as equipment) or, 2. a building or place that provides a particular service or is used for a particular industry.
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