LIABILITY Definition

Bookmark and Share

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.

Learn new Accounting Terms

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.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.