What is the difference between liability and debt?

Question

Please Answer ! What is the difference between liability and debt?

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Jacob 1 year 1 Answer 321 views Silver 0

Answer ( 1 )

  1. All debts are liabilities, but not all liabilities are debts. Debt represents money that has been borrowed and must be paid back. A liability is an economic obligation. Liabilities are only a problem if a company doesn’t have the revenue to pay them.

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