Liabilities

Other Current Liabilities

A balance sheet line to report short-term liabilities that are too insignificant to be identified separately.

Creditor

A business or individual to whom a debt is owed

Unearned Revenue

A liability account that reports amounts received in advance of providing goods or services.

Mortgage Payable

A long term liability; a written promise that pledges real property as security for payment of a debt

Note Payable

A written promise to pay a creditor a certain amount in the future

Accounts Payable

An unwritten promise to pay creditors for property such as merchandise, supplies or equipment purchased on credit, or for services received on credit

Liabilities

Any debts that a business owes

Current Liabilities

Debts of a business that are generally paid within one year.

Long-Term Liabilities

Liabilities that are not due and payable within one year

Debtor

The business or individual who owes a debt

Liability Classification

The order of liabilities is not as structured as that of assets. Current liabilities will be listed first, but the order within current liabilities will vary from company to company.