What is liabilities interms of balance sheet point of view?

[santa19992000]

I am looking at Balance sheet details, it tells: assets, liabilities
and capital, are three main important in Balance sheet itseems.

Assets means: the assets of the company (like computers, office stuff
and equipment)
Capital means: the money raised for company and howmuch amount left for
company operations.
What is liabilities?. What is exact means, how it differs from other
two terms.

 

[!-!]

Money owed.

 

[bratdawg]

There are often 2 classes of liabilites - current (payable within one
year or less) and long term (like loans).

Same for assets - current means that it could rather quickly be
converted to cash - bank accounts, stocks, etc. Fixed are things like
equipment, vehicles, etc.

I think there are sites for learning beginning accounting. Some
software comes with tutorials designed to teach basic accounting
principles - Peachtree has a primer that comes with it. Don't know
about Quickbooks, but I assume it does too.