What is the definition of Liability account? | Dictionary.net

LIABILITY ACCOUNT

\lˌa͡ɪəbˈɪlɪti ɐkˈa͡ʊnt], \lˌa‍ɪəbˈɪlɪti ɐkˈa‍ʊnt], \l_ˌaɪ_ə_b_ˈɪ_l_ɪ_t_i_ ɐ_k_ˈaʊ_n_t]\

Definitions of LIABILITY ACCOUNT

1910 - Black's Law Dictionary (2nd edition)

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Credit owed as an accounting statement account. It tracks debts owed to banks, vendors, employees and other creditors,

1910 - Black's Law Dictionary (2nd edition)
By Henry Campbell Black

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