How many types of liability do we have

There are generally two main types of liabilities:

1. Current liabilities: These are obligations that are expected to be paid or settled within one year or the operating cycle of the business, whichever is longer. Examples include accounts payable, salaries payable, and short-term loans.

2. Non-current liabilities (also called long-term liabilities): These are obligations that are due in more than one year. Examples include long-term loans, bonds payable, and deferred tax liabilities.