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 Accrued expenses work in a similar way and are applied to such things as rent, electricity, water, and any other expenses that a company incurs and pays at regular intervals.

For tax purposes, sometimes a company chooses to report its income in a different period than when it actually earned the income. Although deferred income tax, as it’s called, can be quite useful for businesses in their attempt to reduce tax expenses in any given year, it does provide an additional concern for analysts. To clarify just how much a company owes in deferred income taxes, the company reports this amount in the liabilities portion of the balance sheet.

Often companies pay long-term debt in small portions over the course of several years. The current portion of long-term debt that a company has to pay in the next year is subtracted from long-term liabilities (see the next section) and added as a part of the short-term liabilities. Not all companies include this category on their balance sheets, but it’s extremely common.