Intangiable Assets

An Intangible asset is something which do not have a physical shape but some kind of profit is given from it.
They are also known as Intellectual properties.

Some Intangible assets are Patents, Copyrights, Trademarks and so on

Patents:

A Patent is a right given to a product which is newly developed product so that nobody will make a duplication.

                               
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Copy Rights:

It is a legal right given by the government to the original works done by the authors, article writers and so on.

                              
                                 


Trademarks :

It is a sign that identifies a product or a service. The trade marks which are used for services are known as service marks. More or less they are logos.

                             

Difference between a Debt and Liability

A Debt are Liability are one and the same Sometimes. However, the debts and Liabilities differ in some terms. 

Debts are usually occurred through the borrowings where as Liability is an obligation. 

For Example, a car loan, a loan on Mortgage, a credit card bill are usually said to be debts.
A Liability is an economic obligation. The amounts or bills which are to be paid the suppliers, Vendors and so on. In other words, an Outstanding amount. 

So, this is how a Debt and Liability differs. 

What is a Debt?

In general, a debt is an amount or sum of a money that you are supposed to pay back to the person you have borrowed from. 

When we run a business, the owner will not have money or treasures readily available to pay for some immediate transactions. The owner will put all his earnings in Investments, properties and deposits.
                                          
                                       
In such cases the owner will borrow money to meet his short term and long term requirements.  

The Short term debts are usually loans taken from bank or other financial institution which are to be paid back in six weeks or a month.
Some of the short term debts are short term loans, Wages, Lease Payments and Income tax payments.

Similarly the long term debts are also loans which are take from financial institutions and they will be paid back in 12 months or more.
Some of the long term debts are bonds, convertible bonds, Lease obligations or contracts, Pensions and so on.

In terms of balance sheet both long term and short term debt are categorized into the Current Liabilities.