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Do you need a solution for Liability assignment? Are you seeking for liability homework help? Liability is a policy in financial accounting that defines the share that a particular organization will pay from the profits/benefits in future to the other organization or individual because of past transactions and events. Common examples of liabilities are income tax payable, customer deposits, unearned revenues, interest payable, notes payable, and account payable etc. When we deposit our fund in a bank or in a private institution then it makes bank liable to pay our money whenever we ask them. This is known a liability.