Liabilities meaning: Liability is the legal obligation to

Liability is the legal obligation to pay debts or fulfill responsibilities. Learn about the different types of liabilities , such as current, long-term, contingent, and secondary, and how they affect business operations and financial statements. LIABILITY definition: 1. the fact that someone is legally responsible for something: 2. debts: 3. something or someone…. Learn more. Liabilities are legally binding obligations that are payable to another person or entity. Learn the characteristics, examples, and presentation of liabilities in accounting, and the difference between assets and liabilities . A liability is an obligation payable to a third party, usually an external party, that arises from past transactions or events. Learn about the three main types of liabilities (current, non-current, and contingent), their accounting treatment, and how they are shown in financial statements.