What are the different types of liabilities in accounting?

The various types of liabilities are given below:

Fixed liability:

The liability which is to be paid of at the time of dissolution of firm is called fixed liability. Examples are Capital, Reserve and Surplus.

Long-term liability:

The liability which is not payable within the next accounting period is called long-term liability. Examples are Debentures of a company, Mortgage Loan etc.

Current liability:

The liability which is to be paid of in the next accounting period is current liability.. Examples: Sundry, creditors, Bills Payable and Bank overdraft etc.

Trade liability:

Liability which is incurred for goods and services supplied or expenses incurred is called trade liability. Example; Bill payable and Sundry period.

Financial liability:

Liability which is incurred for financial purposes is called financial liability. Example: Bank overdraft, load taken for a short period.

Contingent liability:

A contingent liability is one which is not an actual liability but which will become an actual one on the happening of some event which is uncertain. Examples: Bills discounted before maturity, Liability of a case pending in the court.