Финансовый английский
1 / 5 - Задание
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Read the definition. Use debt, debts, liability, liabilities to complete the sentence.

What is the difference between debt and liability in accounting? The basic idea is the same, in both cases something is owed. Practically speaking, a debt is usually defined as a type of liability, for example, if you take out a loan, while a liability is any sort of future payment. Therefore, liability in accounting is an opposite of assets.

He’ll pay off his
to the bank next year.
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