payable vs liability

payable and liability both are nouns.

Word	Noun	Adjective	Verb	Adverb
payable	Yes	Yes	No	No
liability	Yes	No	No	No

As nouns, liability is a hypernym of payable; that is, liability is a word with a broader meaning than payable:

payable: a liability account showing how much is owed for goods and services purchased on credit
liability: an obligation to pay money to another party

Other hypernyms of payable include financial obligation, indebtedness.

payable (noun)	liability (noun)
a liability account showing how much is owed for goods and services purchased on credit	the quality of being something that holds you back
	an obligation to pay money to another party
	the state of being legally obliged and responsible

payable (adjective)	liability (adjective)
subject to or requiring payment especially as specified