Examples of Liabilities Accounts

Online Course
Accounting for Non-Accountants - Accounting for Non-Accountants is a 20-hour strictly online accounting course that requires no textbook or live instructor. It is a self-paced accounting tutorial that can be taken 24/7 conveniently in your own home, office, or from any computer that has access to the Internet. Click here to view more details

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.

Get ALL of the materials above for only $35.

Master Accounting Download Package - High-quality PDF files
Accounting explained in a clear and easy to understand way. Includes explanations for 31 accounting topics, 16 Accounting Exams (40 questions each), 52 Printable Crossword Puzzles, 175 Question Bookkeeping Test, Quick View Basic Accounting "Cheat Sheet", Accounting Dictionary and more. Click here to view more details

Managerial & Cost Accounting Exams - covering 19 managerial accounting topics (a total of 520 questions). Answers included. A great tool for learning and reviewing!

Download Printable (PDF) - $15

Financial Accounting Exams - covering 16 financial accounting topics. Each authentic accounting exam contains 40 questions focused on each topic (a total of 640 questions). Answers included.

Download Printable (PDF) - $15

Amazon.com
Most popular books for Accounts

Understanding Small Business Accounts

Paperback: 128 pages

Publisher: How to Books (February, 2003)

Understanding Accounts

Paperback: 72 pages

Publisher: Dk Pub Merchandise; (March 2001)