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Finance Dictionary and Glossary of Investment Terms
Liability
Definition 1.
A legal debt or obligation estimated via accrual accounting.
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Definition 2.
A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation.
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Definition 3.
A financial obligation, debt, claim, or potential loss.
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Definition 4.
The opposite of an asset, a liability is an obligation to pay. Thus, short-term debt, long-term debt and certain other obligations appear as liabilities on a company''s balance sheet.
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