Liability (financial accounting)

More technically, it is value that an entity is expected to deliver in the future to satisfy a present obligation arising from past events.

[1] The value delivered to settle a liability may be in the form of assets transferred or services performed.

The following is a quotation from IFRS Framework: A liability is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefitsRegulations as to the recognition of liabilities are different all over the world, but are roughly similar to those of the IASB.

Simultaneously, in accordance with the double-entry principle, the bank records the cash, itself, as an asset.

According to the principle of double-entry, every financial transaction corresponds to both a debit and a credit.