Phylum: Arthropoda. Class: Arachnida. Order: Araneae. Family: Theraphosidae. Genus: Brachypelma. Species: B. vagans. Domain: The Redrump Tarantula belongs to the domain Eukarya because it obtains a true nucleus, and membrane bound organelles. These same traits can be seen in many organisms we know even wasabi! Learn more about wasabi.
In simple words, collateral is an asset which borrower pledge to the lender as a security against the loan. In case borrower failed to pay back the loan amount to the lender, lender can sell the asset to recover his loan amount hence reduces the risk of lender.
The main difference between liabilities and expenses are the timing under which they are realised. Expenses are incurred, and payments are made during the current period; whereas, liabilities are benefits that are obtained now for which obligations need to be met at a future date. Expenses are recorded in the income statements, since higher the expenses lower the profitability of the firm.