# Liability

> Liability — A present obligation of the entity to transfer an economic benefit (FASB CON 8 ¶E37).

Source: https://lopifi.com/glossary/liability
Part of: Lopifi — US GAAP books on autopilot, checked by a CPA (https://lopifi.com)

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**What is liability?** In accounting, liability means a present obligation of the entity to transfer an economic benefit (FASB CON 8 ¶E37).

## Words this system refuses for it

- debt (debt is one kind of liability)

- **Category:** Foundations
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)
- **Rendered by:** [lease-schedule](https://lopifi.com/md/components/lease-schedule), [cash-application](https://lopifi.com/md/components/cash-application), [unapplied-cash-panel](https://lopifi.com/md/components/unapplied-cash-panel)