New York Codes, Rules and Regulations
Title 10 - DEPARTMENT OF HEALTH
Chapter V - Medical Facilities
Subchapter A - Medical Facilities-minimum Standards
Article 9 - Residential Health Care Facility Uniform Reporting
Part 451 - Definitions
Section 451.176 - Liability
Universal Citation: 10 NY Comp Codes Rules and Regs ยง 451.176
Current through Register Vol. 46, No. 39, September 25, 2024
(a) An amount owing by one person (a debtor) to another (a creditor), payable in money, or in goods or services; the consequence of an asset or service received or a loss incurred or accrued; particularly, any debt:
(1) due or
past due (current liability);
(2)
due at a specified time in the future (e.g., funded debt, accrued liability);
or
(3) due only to failure to
perform a future act (deferred income, contingent liability).
(b) The title of the credit half of a balance sheet, often including net worth as well as obligations to outsiders; when thus used, the inference is that the organization reflected in the balance sheet has a status independent of both its creditors and its owners--to whom it must account in the amounts shown.
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