li·a·bil·i·ty

[lahy-uh-bil-i-tee]
noun, plural li·a·bil·i·ties.
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, li·a·ble·ness. the state or quality of being liable: liability to disease.

Origin:
1785–95; li(able) + -ability

non·li·a·bil·i·ty, noun, plural non·li·a·bil·i·ties.
pre·li·a·bil·i·ty, noun, plural pre·li·a·bil·i·ties.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2013.
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Collins
World English Dictionary
liabilities (ˌlaɪəˈbɪlɪtɪz) [Click for IPA pronunciation guide]
 
pl n
accounting Compare assets business obligations incurred but not discharged and entered as claims on the assets shown on the balance sheet

00:10
Liabilities is always a great word to know.
So is quincunx. Does it mean:
an extraordinary or unusual thing, person, or event; an exceptional example or instance.
an arrangement of five objects, as trees, in a square or rectangle, one at each corner and one in the middle.
liability (ˌlaɪəˈbɪlɪtɪ) [Click for IPA pronunciation guide]
 
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
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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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.
Cite This Source
Example sentences
And now they enjoy an implicit blanket guarantee of all their liabilities,
  allowing them to borrow cheaply.
If you have past-due liabilities, the information below may help you with the
  collection process.
But that's doesn't mean that full exposures should be reported on a bank's
  balance sheet as liabilities.
There is no question that a lot of multi-employer plans have seen a growth in
  unfunded liabilities since the stock market crashed.
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