possession - anything owned or possessed

tax liability - the amount of tax owed; calculated by applying the tax rate to the tax base

payables - money that you currently expect to pay on notes and accounts

deficit - an excess of liabilities over assets (usually over a certain period)

debt - money or goods or services owed by one person to another

charge - financial liabilities (such as a tax); "the charges against the estate"

accounts payable - a debtor's accounts of money he owes; normally arise from the purchase of products or services