1. anything that is owed to someone else
The Collaborative International Dictionary of English v.0.48:
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.
WordNet (r) 3.0 (2006):
n 1: anything that is owed to someone else
Moby Thesaurus II by Grady Ward, 1.0:
37 Moby Thesaurus words for "liabilities":
accounts, accounts payable, accounts receivable, assets, budget,
budget items, budgeting, burden of expenditure, carrying charge,
charges, cost, cost of living, cost-of-living allowance,
cost-of-living index, costing-out, costs, direct costs, disbursals,
distributed costs, expenditures, expense, expense account,
expenses, general expenses, indirect costs, labor costs,
material costs, operating costs, operating expense,
outstanding accounts, overhead, prime cost, receipts,
replacement cost, swindle sheet, unit cost, unpaid accounts