what is a liability 
a liability is something that a person or company owes usually a sum of money liabilities are settled over time through the transfer of economic benefits including money goods or services they re recorded on the right side of the balance sheet and include loans accounts payable mortgages deferred revenues bonds warranties and accrued expenses liabilities are the opposite of assets they refer to things that you owe or have borrowed assets are things that you own or are owed investopedia nono flores