liability is define as any obligation as result of past or future event and who,s settlement can be result in the probable outflow of recourse from the organisation in future
Liabilities are Obligations of a company or organization. Amounts owed to lenders and suppliers. Liabilities often have the word "payable" in the account title.
by
Mohamed Elbagoury , المدير العام , المركز العربي للتدريب و تكنولوجيا المعلومات
Liabilities are claims on assets by people or businesses outside the company. Examples include notes payable (money borrowed from a bank which must be repaid, usually with interest), interest payable (what has not yet been paid), accounts payable (owed to suppliers because the company bought inventory or other items and charged their purchase), and salaries payable. If the company receives payment for a product or service before it has provided the product or service—such as a magazine subscription—it would have a liability called Unearned Revenue. Another word for liabilities is debt. Liabilities can also be divided into current and long-term. Debt to be paid within a year is a current liability; if it is to be paid in more than a year, it’s long-term.
A liability can mean something that is a hindrance or puts an individual or group at a disadvantage, or something that someone is responsible for, or something that increases the chance of something occurring
