Liability

Browse all terms in Glossary

Definition

Liability is an accounting term that denotes a legal obligation. Debt and unearned revenue are two common liabilities. They are recorded on the balance sheet.

Related Terms

Accounts Payable, Adjusted Gross Income, Amortization, Bankruptcy, Book Value, Debt, Deferred Revenue, Leverage, Loan, Long Term Debt, Shareholders' Equity

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