Word forms: (regular plural) liability accounts
(Accounting: Financial statements, Balance sheet) A liability account is an account recording a company's liabilities. ▶ account1, account2
⇒ The amount of the fee representing estimated refunds should be credited to a monetary
liability account. ⇒ The original entry to record unearned revenue involves a debit to Cash and a credit
to a liability account. ⇒ A liability account is an account recording a company's liabilities.
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