liabilities

Variant of liability

liability definition

liabil·ity (lī′ə bil′ə tē)

noun pl. liabilities -·ties

  1. the state of being liable
  2. anything for which a person is liable
  3. Accounting
    1. a debt of a person or business, as a note payable or a long-term debenture
    2. an account on a balance sheet showing this
  4. something that works to one's disadvantage

Webster's New World College Dictionary Copyright © 2009 by Wiley Publishing, Inc., Cleveland, Ohio.
Used by arrangement with John Wiley & Sons, Inc.

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