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What is the proper meaning of liability?

Liability usually means that you are responsible for something, and it can also mean that you owe someone money or services. For example, a homeowners tax responsibility can be how much he owes the city in property taxes or how much he owes the federal government in income tax.

What are liabilities of a person?

What Are Liabilities? Broadly speaking, liabilities are things like credit card debts, mortgages and personal loans. A liability is a debt you must pay off, now or in the future.

What are liabilities List 3 examples?

Some of the examples of Liabilities are Accounts payable, Expenses payable, Salaries Payable, Interest payable. The opposite word of the liability is an Asset.

What are some examples of liabilities?

Examples of liabilities are - Bank debt. Mortgage debt. Money owed to suppliers (accounts payable) Wages owed. Taxes owed.

What are 5 liabilities?

Some examples of current liabilities that appear on the balance sheet include accounts payable, payroll due, payroll taxes, accrued expenses, short-term notes payable, income taxes, interest payable, accrued interest, utilities, rental fees, and other short-term debts.

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