exists and is an alternate of . Liabilities are debts owed to an outside party (creditor) such as a bank loan, a truck note, etc. Expenses are the cost of operating the business and affect the net income. Expenses include things such as utilities, supplies, insurance, rent, etc. While liabilities are listed on the balance sheet, expenses are not. Also, Liabilities decrease Owners Equity (Stockholders Equity) while Expense decrease Net Income. Liabilities are debts owed to an outside party (creditor) such as a bank loan, a truck note, etc. <br /><br /> Expenses are the cost of operating the business and affect the net income.
The law basically requires covered landlords to change or re-key the locks when a tenant moves out and before a new tenant moves in. There is an exception when the tenant, by way of lease, has obtained the right to change or re-key the dwelling unit.
For instance, if the lock-in period is 1 year and the tenant wants to leave after 4 months, then unless he is able to negotiate something better with the landlord, he must either retain the place until the end of the year despite giving notice, or vacate the place but pay for the entire yearâs rent anyway.