What Are Liabilities in Accounting?

According to N. Zarzycki (2020), liabilities are any debts owed by your organization,
including bank loans, mortgages, unpaid payments, IOUs, and any other amounts of
money owed to a third party. A liability exists when you have pledged to pay someone a
sum of money in the future but have yet to do so.
How to find liabilities
The balance sheet, which is one of the three basic financial statements, contains all of
your liabilities. The income statement and the cash flow statement are the other two.All
balance sheets are divided into three sections:

1. The assets section, which tells you how much you have.

2. The equity section, which tells you how much you and other investors have
invested in your business so far.

3. The liabilities section, which tells you what you owe.

Balance sheets used to be written out in two columns: the left column would be
reserved for assets, while the right column was always reserved for liabilities and equity.
Accountants call this relationship the accounting equation, which is the most important
equation in all of accounting. You can write it out in equation form like so:
Assets = Liabilities + Equity
If your assets do not equal your liabilities and equity, the two sides of your balance
sheet will not ‘balance,' the accounting equation will not work, and it is likely that you
have made an accounting error.
Reerence: https://bench.co/blog/accounting/liabilities-in-accounting/