Financial obligations a firm incurs in operating a business. They form crucial aspect of companies' deployment since they are the means to finance operations, expansion, transactions, etc. Generally, liabilities are divided into current (to be due within one year) and long-term or non-current (to be due within more than one year) and they are reported on a balance sheet. Liabilities include bank loans, salaries, unearned revenues, deductions, accounts, notes, mortgages, etc. Keeping record of liabilities on a balance sheet require certainty and reliable measurement of accounting. When uncertain, they are called provisions.