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  1. #1

    Difference Between Debt & Liabilities

    This (http://classroom.synonym.com/differe...ies-15567.html) is an interesting article on the difference between debt, liabilities and "plain old expenses".

  2. #2
    I count my over-hanging gut as a liability too.

  3. #3
    A liability is when you borrowed money or any amount owed to another. This may includes regular long term & short term bills, for instance amount due for electricity bill that has been received, but not yet paid.

    A debt is a specific type of liability that includes borrowed money such as a loan, mortgage.

  4. #4
    Are assets of my business also considered as liabilities?

  5. #5
    Technically, pretty much everything falls under liabilities in our country. Every dollar is borrowed, so we are bartering using borrowed money. If that ever got called in, we would loose everything we have. We are always at the mercy of a higher institution.

    One thing we call an asset but is really a liability is a house(and land), paid for or not. You will NEVER stop owing taxes, and if you stop paying they get the property.

    Another is a car, paid for or not. You have to keep insurance and tags on it. If you don't you get tickets (fees), and could eventually lose your license and even see jail time.

    Sounds like a debt to me.

  6. #6
    Thank you for answer


 

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