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.
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.
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