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Examples Of Liabilities In Accounting. In this case, your Ferrari would be an example of an asset whereas your mortgage is a liability. A common liability for small businesses are accounts payable.

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A number of examples of liability accounts are presented in the following list, which is split into current and long-term l. Contingent liabilities - are liabilities that may come into existence depending on. A liability is recorded in the general ledger , in a liability-type account that has a natural credit balance.

We will discuss more liabilities in depth later in the accounting course.

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Examples of withholdings from gross earnings include federal, state, and local income taxes and FICA (Federal Insurance Contributions Act: social security and medical) taxes. Accounting-Simplified.com. the easy way to learn accounting online, for free! For example, if you owned a dairy farm, you would have.

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