Liabilities Definition A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events the company Because of a has a for future past event. present sacrifices obligation Past Present FutureA liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. Definition Liabilities Past Present Future Because of a past event... ...for future sacrifices. … the company has a present obligation