Liabilities are reflected in the balance sheet in accounting, and now they are "total liabilities", that is, total liabilities. Such as notes payable, accounts payable, bonds payable and wages payable. Debt refers to the formation of past transactions and events. Debt means that the creditor provides funds to the debtor to obtain interest, and the debtor promises to repay these funds on an agreed date in the future.
Current obligations undertaken by units or individuals, which accounting predicts will lead to the outflow of economic benefits from units or individuals, including various loans, payables and accounts received in advance. Sometimes it also refers to debts owed; Paying off all debts, such as accounts receivable, is not a debt.
Debt generally refers to the debt formed by borrowing the actual amount from the outside, usually with interest. Can be understood as: interest-bearing liabilities. Liabilities refer to the current obligations formed by past transactions or events of the enterprise, which are expected to lead to the outflow of economic benefits from the enterprise, that is, all liabilities of the balance sheet.