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Accounting Examples - Liability Accounts

 

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Liability Accounts

Anything that is owed to others is a liability.  Liabilities are often referred to as "payables".

Liabilities are generally separated into two groups:

Current Liabilities

Debts to others that are due in a short period of time and are paid with current assets.

Long-term Liabilities

Debts that are "fixed" or paid over a long period of time, often for plant assets.

Common Liability Accounts:

Current Liabilities:

Notes Payable - Promissory notes to creditors.

Accounts Payable - What you owe others on account.

Unearned Revenue - You've been paid, but haven't delivered.

Salaries Payable - Salaries you owe employees.

Interest Payable - Interest you owe.

Taxes Payable - Taxes you owe.

Long-Term Liabilities:

Liabilities that are carried over a number of years or at least more than one accounting cycle.  Examples of long-term liabilities are mortgages payable, bonds payable, and long-term notes.

 

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Most popular books for Accounts

Understanding Small Business Accounts

Understanding Small Business Accounts

Paperback: 128 pages

Publisher: How to Books (February, 2003)

Understanding Accounts

Understanding Accounts

Paperback: 72 pages

Publisher: Dk Pub Merchandise; (March 2001)

 

 

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