What the company owes, its debt and unpaid bills – liabilities can be classified as <a title="Short-term liabilities" href="https://quoteddata.com/glossary/shortterm-liabilities/">short-term </a>(payable within one year) or <a title="Long-term liabilities" href="https://quoteddata.com/glossary/longterm-liabilities/">long-term </a>(payable after one year).