A liability (generally speaking) is something that is owed to someone else.
Liability can also mean legal or regulatory risk or obligation.
In accounting, companies take into account liabilities in relation to assets.
Current liabilities are short-term financial liabilities of a company that are payable within one year or the normal operating cycle (for example, accounts payable).
Long-term (long-term) liabilities are liabilities on the balance sheet, the maturity of which has expired for more than a year.