Debt : a sum of money that is owed or due.Debit : an entry recording a sum owed, listed on the left-hand side or column of an account.Asset : a useful or valuable thing or person.Credit : the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.Liability : a thing for which someone is responsible, especially an amount of money owed.Synonym of Liability is Debt