The various types of liabilities are given below:
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.
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.
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.
Liability which is incurred for goods and services supplied or expenses incurred is called trade liability. Example; Bill payable and Sundry period.
Liability which is incurred for financial purposes is called financial liability. Example: Bank overdraft, load taken for a short period.
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.