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Politics : A US National Health Care System? -- Ignore unavailable to you. Want to Upgrade?

To: Alighieri who wrote (17031)	4/19/2010 9:24:11 AM
From: i-node	Respond to of 42652

a debt is a subcategory of liabilities. so when you have a debt, you automatically have a liability....if you have a liability, you dont necessarily have a debt... Geez, man. For all I know YOU wrote that bogus definition. The formal definition of a liability is: "an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future." Which, of course, is what I said last post. Now, you can argue with me from now on about what you THINK a liability is, but this isn't a subject I'm having to go look up at answers.com. I'm not exactly an amateur when it comes to accounting subjects. I recommend you leave complicated subjects to people who at least understand the terminology.