liability

[lahy-uh-bil-i-tee]
noun, plural liabilities.
1.
liabilities.
a.
moneys owed; debts or pecuniary obligations (opposed to assets ).
b.
Accounting. liabilities as detailed on a balance sheet, especially in relation to assets and capital.
2.
something disadvantageous: His lack of education is his biggest liability.
3.
Also, liableness. the state or quality of being liable: liability to disease.

Origin:
1785–95; li(able) + -ability

nonliability, noun, plural nonliabilities.
preliability, noun, plural preliabilities.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
liabilities (ˌlaɪəˈbɪlɪtɪz)
 
pl n
accounting Compare assets business obligations incurred but not discharged and entered as claims on the assets shown on the balance sheet

liability (ˌlaɪəˈbɪlɪtɪ)
 
n , pl -ties
1.  the state of being liable
2.  a financial obligation
3.  a hindrance or disadvantage
4.  likelihood or probability

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Etymonline
Word Origin & History

liability
c.1800, a term in law; "condition of being legally liable;" from liable. General sense is from 1809; meaning "thing for which one is liable" is first attested 1842. Related: Liabilities.
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
Cultural Dictionary

liability definition


An obligation or debt.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Example sentences
Of course, this is a tool that can cut both ways, but don't see your age and
  relative inexperience only as liabilities.
But total liabilities, which include short-term and long-term debt, soared.
Instead, investors are increasingly pricing in the corporate sector's share of
  growing fiscal liabilities.
Even if that figure overstates the problem, there is little doubt that
  governments are understating their pensions liabilities.
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