An amount of money that you owe to other people is called what?
Question:
An amount of money that you owe to other people is called what?
Liabilities:
In business and finance, liabilities refer to the obligations the company needs to settle in the future time. It is presented in the balance sheet after the asset section.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answerThe amount of money owed to another person is called the debt.
The debt develops when a person borrows money from another person or from any...
See full answer below.
Learn more about this topic:
Get access to this video and our entire Q&A library
Liabilities in Accounting | Definition, Types & Examples
from
Chapter 8 / Lesson 6Explore liabilities in accounting. Learn the definition of a liability and understand how it differs from assets. Discover various liabilities examples.
Explore our homework questions and answers library
Browse
by subject