Difference between liabilities and debtWhat is the difference between Liability and Debt?
• Debt is a sub category of liabilities.
• Debt is always in the form of money, whereas liability is anything that costs a business money
• Debt is always more serious than liability
• All debts are liabilities, but not all liabilities are debts
Mr Notright2 your understanding of balance sheets is very weak. You were unable to itemize COS's liabilities and instead chose to misinform the forum by saying liabilites are debt. For some reason you think liabilities are debt, when in fact debt is a subcategory of liabilities - not the other way around.
You now have both feet in mouth. If you plan on making another post I suggest you grow another foot! LOL