Debt vs Liabilities

In the rule 2:
2-A. Current assets should be at least twice current liabilities.
2-B. Long-term debt should not exceed the net current assets.

Sometime, I see Graham used word : "liabilities", sometime he used "debt".
So for calculate Rule 2, in the financial statement, should we consider both words stand for the same thing?

As I know, for specifically, debt is referred to as borrowed money from banks,...
And liabilities is any economic obligation.

Which label in balance sheet did you get for Long-term debt and which label you get for "current liabilities"?

Thanks you a lot for your help,
Divi

Dear Divi,

Thank you for your forum post!

"So for calculate Rule 2, in the financial statement, should we consider both words stand for the same thing?"

The two terms refer to two different obligations, as you yourself have observed.

"As I know, for specifically, debt is referred to as borrowed money from banks,..."
"And liabilities is any economic obligation."

That is correct!

"Which label in balance sheet did you get for Long-term debt and which label you get for "current liabilities"?"

The two items are usually marked specifically under those two labels in most corporate balance sheets that follow GAAP or similar accounting principles.

Graham Resources