LIABILITIES

liabilities

(noun) anything that is owed to someone else

Source: WordNet® 3.1

Noun

liabilities

plural of liability

(finance) An amount of money in a company that is owed to someone and has to be paid in the future, such as tax, debt, interest, and mortgage payments.

(accounting) The right side of a balance sheet.

Source: Wiktionary

LIABILITY

Li`a*bil"i*ty, n.; pl. Liabilities (.

1. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.

2. That which one is under obligation to pay, or for which one is liable. Specifically, in the pl.,

Definition: the sum of one's pecuniary obligations; -- opposed to assets. Limited liability. See Limited company, under Limited.

Source: Webster’s Unabridged Dictionary 1913 Edition

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