What does Dept mean in money?

A duty or obligation to pay money, deliver goods,or render service under an express or implied agreement. One whoowes, is a debtor or debitor; one to whom it is owed, is a debtee,creditor, or lender.

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Similarly, you may ask, what is the meaning of Dept?

Dept is used as a written abbreviation fordepartment, usually in the name of a particulardepartment.

Likewise, what is money owed called? Companies to whom debts are owed arecalled creditors. The specific debt owed to a companyor creditor is typically called accountsreceivables.

Similarly, what is a debt in business?

Debt is an amount owed for funds borrowed. Thelender agrees to lend funds to the borrower upon a promise by theborrower to pay interest on the debt, usually with theinterest to be paid at regular intervals. A person orbusiness acquires debt in order to use the funds foroperating needs or capital purchases.

What is debt in simple words?

Debt. From Wikipedia, the free encyclopedia.Debt is what someone owes to someone else. Usually,debt is in the form of money, but it can also be items,services, favors, or other things. Thus if you make an agreement togive or do something for someone else, you now owe adebt.