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Glossary > L > "Liability" Definition

Liability

A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.

A legal debt or obligation estimated via accrual accounting. Recorded on the balance sheet, current liabilities are debts payable within one year, while long-term liabilities are debts payable over a longer period.

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Liability - A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.

A legal debt or obligation estimated via accrual accounting. Recorded on the balance sheet, current liabilities are debts payable within one year, while long-term liabilities are debts payable over a longer period.

Liability : a financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.

a legal debt or obligation estimated via accrual accounting. recorded on the balance sheet, current liabilities are debts payable within one year, while long-term liabilities are debts payable over a longer period.