What do we call amounts of money borrowed from lenders?

Name: What do we call amounts of money borrowed from lenders?
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Question

Quizplus · Accepted Answer

Amounts of money borrowed from lenders are considered a liability as they represent a debt that is owed to the lender. An asset is something that has value and is owned by a person or organization, while an expense and revenue are related to the income statement and represent costs incurred and money earned, respectively.

What Do We Call Amounts of Money Borrowed from Lenders