noun financial obligations or debts of a company or individual
In finance, liabilities are an important component of a company's balance sheet and represent the claims that creditors have on the company's assets.
Liabilities can also have legal implications, especially in cases of liability for damages or breaches of contract.
In accounting, liabilities refer to the company's financial obligations or debts that arise during the course of business operations.
Liabilities are crucial in business management as they impact the company's financial health and ability to meet its obligations.
In the context of a writer, liabilities may refer to legal obligations or debts incurred in the course of conducting business, such as copyright infringement liabilities or financial liabilities related to contracts.
For a psychologist, liabilities could pertain to ethical responsibilities and legal obligations towards clients, such as maintaining confidentiality or potential malpractice liabilities.
An accountant may refer to liabilities as financial obligations or debts that a company owes to creditors or suppliers, which are recorded on the balance sheet.
In the legal profession, liabilities may include potential legal claims or lawsuits against a client, as well as professional responsibilities to act in the best interest of the client.
For a business owner, liabilities could encompass financial obligations to lenders, suppliers, or employees, as well as legal responsibilities for the actions of the business.