Final answer:
Mortgage Payable is a type of account in the field of Business and typically found in balance sheets of financial institutions like banks.
Step-by-step explanation:
Mortgage Payable is a type of account in the field of Business and is typically found in balance sheets of financial institutions like banks. It represents the outstanding amount of money owed by a borrower to the bank for a mortgage loan. The loan is considered a liability to the borrower and an asset to the bank.