. Answer each of the questions below. Why would a company have a liability account and how does each liability differ one from the other. Explain the difference between an accounts payable, long term debt, and notes payable while providing examples of each. Identify the different type of deductions that are taken out of an employee's paycheck and explain what each deduction is for. Identify the advantages and or disadvantages of a company having a separate bank account for payroll. How do you think the accounting department would be impacted by having or not having a separate bank account for payroll