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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. Glossary    Dictionary Search (powered by Google) WWW ITLOCUS.COM GLOSSARY.ITLOCUS.COM Translate a web page (powered by Google)      to German Spanish French Italian Portuguese Japanese Korean Chinese

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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.