Which of the following is NOT typically considered a liability?

In the context of financial accounting, liabilities represent obligations that a company owes to external parties or individuals, requiring the future outflow of resources, such as payments. Loans and mortgages, accounts payable, and accrued expenses all fall under this category as they represent debts or obligations the company is responsible for settling.

Cash reserves, on the other hand, are classified as assets. They represent funds available to the company that can be used for various purposes, such as operating expenses, investments, or paying off liabilities. Assets are resources owned by the company that have economic value.

Therefore, cash reserves do not represent an obligation or a future financial outflow, making it distinct from the other options listed, which are all types of liabilities that demand repayment or settlement at a later date. This distinction is essential for understanding the overall financial health and obligations of a business.