Define: Liabilities

UK Accounting Glossary

Definition: Liabilities

Quick Summary of Liabilities

Obligations of an entity to transfer economic benefits as a result of past transactions or events.

What is the dictionary definition of Liabilities?

Dictionary Definition

  1. The condition of being liable.
  2. An obligation, debt or responsibility owed to someone.
  3. A handicap that holds something back.


Full Definition of Liabilities


Liabilities FAQ's

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Liabilities. Payroll & Accounting Heaven Ltd. November 22, 2019
Chicago Manual of Style (CMS):
Liabilities. Payroll & Accounting Heaven Ltd. (accessed: November 22, 2019).
American Psychological Association (APA):
Liabilities. Retrieved November 22, 2019, from website:

Definition Sources

Definitions for Liabilities are sourced/syndicated from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 23rd December 2018.