Question

Write an example of liability accounts

Answer 1

Answer
Ex: A liability account is used to store all legally binding obligations payable to a third party.

Answer 2

or example, if a business takes out a mortgage payable over a 15-year period, that is a long-term liability. ... Some examples of short-term liabilities include payroll expenses and accounts payable, which include money owed to vendors, monthly utilities, and similar expenses.