Liability
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Look up liability in Wiktionary, the free dictionary. |
A liability can mean something that is a hindrance or puts an individual or group at a disadvantage, or something that someone is responsible for, or something that increases the chance of something occurring (i.e. it is a cause).
Liability may also refer in specific fields to:
- legal liability, the legal bound obligation to pay debts
- public liability, part of the law of tort which focuses on civil wrongs
Finance[edit]
- liability (financial accounting), a current obligation of an entity arising from past transactions or events
- Accrued liabilities and contingent liability
- Current liability
- Long-term liabilities, liabilities with a future benefit over two months
Other uses[edit]
- The Liability, 2013 film
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