This week I want each of you to think about everything that goes into the accounting for payroll within a company and how many new steps you were made aware of after reviewing this chapter. I also want you to think about the purpose behind having a liability account and how each liability differs from another. With that being said please explain the difference between a short-term debt and a long term debt, while providing examples of each. With payroll in mind, identify the different type of deductions that are taken out of an employee's paycheck and explain what each deduction is for. Also, in your opinion is it smart for a company to have a separate bank account for payroll? 1. Answer each of the questions below. O Why would a company have a liability account and how does each liability differ one another. 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. In your opinion is it smart for a company to have a separate bank account for payroll.