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Payable vs Liability - What's the difference?

payable | liability |

As nouns the difference between payable and liability

is that payable is (plural) Debts owed by a business; liabilities while liability is the condition of being liable.

As an adjective payable

is that which is to be paid.

payable

English

Noun

  • (plural) Debts owed by a business; liabilities.
  • A thing that may be paid.

    • Adjective

    (en adjective)
  • That which is to be paid.
    • Is value added tax payable on planning application fees?
  • Able to be paid.
  • Of a mine etc.: capable of yielding profit; profitable.

    • Derived terms

    *payability *payably

    liability

    English

    Noun

    (wikipedia liability) (liabilities)
  • the condition of being liable.
  • an obligation, debt or responsibility owed to someone.
  • * 1901 , , (w, The Monkey's Paw)
    • "I was to say that Maw and Meggins disclaim all responsibility," continued the other. "They admit no liability at all, but in consideration of your son's services they wish to present you with a certain sum as compensation."
  • a handicap that holds one back.
  • the likelihood of something happening.

    • Antonyms

    * asset

    Derived terms

    * enterprise liability * secondary liability * vicarious liability