liabilities definition

Wed, 06 May 2026 22:16:48 +0000

The liabilities of a company also need to be serviced, but they are not just debts. A liability is something that a company owes to someone like accounts payable. If a company buys raw material and has to. liability the state of being legally responsible for somethingthings for which someone is responsibile, especially an amout of. 2011 1 . The amount that is owed, as indicated on the suppliers bill or invoice, is called Accounts Payable because purchases made using credit are said to be on account. we could also owe wages to its.