### Question
How is the term liabilities defined?


### Answer
The term **liabilities** is defined in *17 CFR § 1.12* as the following:

> the total money liabilities of an applicant or registrant arising in connection with any transaction whatsoever, including economic obligations of an applicant or registrant that are recognized and measured in conformity with generally accepted accounting principles. "Liabilities" also include certain deferred credits that are not obligations but that are recognized and measured in conformity with generally accepted accounting principles. 

#### Citation:
  - *17 CFR § 1.12*
