Definition of

Liability

Liability
Any money that needs to be paid in the future.

Examples:
• a bank loan (needs to be paid back some day)
• an electricity bill
• taxes not yet paid

Can also include services owed, such as a promise to paint someones fence.
 
Search :: Index :: About :: Contact :: Contribute :: Cite This Page :: Privacy

Copyright © 2014 MathsIsFun.com