in legal terms，the word libility refers to fault 。the person who is at fault is liable to another because of his or her actions or failure to act 。one example is in the case of a crime。 the liability of the offending party may include providing restitution for damage to property or paying medical bills in the case of physical injury。
in accounting terms ，liability is a debt assumed by a business entity as a result of its borrowing activities or other fiscal obligations （such as funding pension plans for its employees）。liability are paid off under either short-term or long-term arrangements。the amount of time allotted to pay off the liability is typically determined by the size of the debt；larfe amounts of money usuall are borrowed under long-term plans
in accounting terms ，liability is a debt assumed by a business entity as a result of its borrowing activities or other fiscal obligations （such as funding pension plans for its employees）。liability are paid off under either short-term or long-term arrangements。the amount of time allotted to pay off the liability is typically determined by the size of the debt；larfe amounts of money usuall are borrowed under long-term plans
