Liabilities often considered dreadful are the company’s legal obligations that occur for a business during its course of operations. Liabilities, a.k.a accounts are the money that a business needs to pay to its vendors and investors for the services and supplies. They are an important factor for business and reflect on the left side of a balance sheet. Such liabilities are classified as current or short term liabilities. Under the common liabilities that exist in any business, there exist two payables: accounts payable and notes payable.