liabilities n : anything that is owed to someone else [ant: assets]

Liability \Li`a*bil"i*ty\ (l[imac]`[.a]*b[i^]l"[i^]*t[y^]), n.; pl. Liabilities (-t[i^]z).
1. The state of being liable; as, the liability of an insurer; liability to accidents; liability to the law.
2. That which one is under obligation to pay, or for which one is liable. Specifically, in the pl., the sum of one's pecuniary obligations; -- opposed to assets. Limited liability. See Limited company, under Limited.

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In financial accounting, a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.

Liabilities in financial accounting need not be legally enforceable; but can be based on equitable obligations or constructive obligations. An equitable obligation is a duty based on ethical or moral considerations. A constructive obligation is an obligation that can be inferred from a set of facts in a particular situation as opposed to a contractually based obligation.

The accounting equation relates assets, liabilities, and owner's equity:

The accounting equation is the mathematical structure of the balance sheet.

• Research and Markets: Securities Regulation: Liabilities and Remedies - Business Wire
  DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/djhdmd/securities_regulat) has announced the addition of the "Securities Regulation: Liabilities and Remedies." subscription to their offering. Securities Regulation ... Read more on this news related to 'Liabilities'
• Report Details Chesapeake’s Unreported Liabilities - Barron's Online
  A new revelation about oil and gas explorer Chesapeake Energy (CHK) seems to come out every day. Here’s today’s: the company has $1.4 billion in unreported liabilities that aren’t on its balance sheet, the Wall Street Journal reported. Read more on this news related to 'Liabilities'
• Chesapeake shares fall 2 pct - Yahoo Finance
  NEW YORK (AP) -- Shares of Chesapeake Energy Corp. fell about 2 percent early Friday after a published report said the company didn't tell investors about $1.4 billion in liabilities. The Wall Street Journal reported that Chesapeake raised $6.4 ... Read more on this news related to 'Liabilities'