What is a Liability?
Liability can be defined as a company’s legal obligation or responsibility for something towards an individual or another organization. Some of the 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 banks liable to pay our money whenever we ask them. This is known as a liability. Our liability assignment help experts can also help you to explain each topic and theory in order to understand the liability accounting definition very well.
Types of Liabilities: –
The following are the 2 categories of liability-
- A) Current liability/ Short-term liability: –The future sacrifice of economic benefits in a fiscal year falls under current liability. It includes all the liabilities within a period of 12months or a financial year. Accounts, taxes, and wages are common examples of current liabilities.
- B) Long-term liability: – The future sacrifice of economic benefits in the long-term (more than a year) is known as a long-term liability. Loans payable, pension payable etc are the examples.
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