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TeachMeFinance.com - explain liability liabilities -- Includes accounts payable (money you owe to suppliers), plus all current costs of doing business (mortgage payments, insurance, taxes, salaries, utilities). another definition... Liability -- Debt owed by the company such as bank loans or accounts payable. another definition... liability -- an item of value that is part of the overall debt or obligation of a person or business. For example, a mortgage is a liability of the homeowner/borrower, but the same mortgage is an asset of the savings and loan/lender. At savings institutions, savings deposits and all borrowed money are considered liabilities. Net worth, or regulatory capital, is accounted for as a liability because it is an obligation of the institution to its owners. See asset. historic definition... Liabilities -- Obligations ; debts. Liability. Responsibility for loss or damage ; an obligation. For the liability of an agent (or broker) see Agent. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.