The liability is the concept par excellence to refer to debts in the accounting of a company.
Liabilities are understood as the obligations and debts that a company has contracted with third parties, whether outside the company or the owner.
The liability can be of two types:
Required. It refers to the strictly said liability and represents all sources of financing outside the company.
Net worth. It refers to which financing should not be returned while the company is in operation (contributions from partners or shareholders, reserves, subsidies, etc.).
For the concept of debt, therefore, it is appropriate to focus on the liability that may be required, which includes, for example, loans from a banking entity, the deferment of payment of invoices received from suppliers or commercial credits