GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Debt refers to?
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Outstanding Loan Balance
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Present and future dues from customer of any nature say locker rent
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a sum of money owed by one person or entity (Creditor) to another person or entity (Debtor)
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a sum of money owed by one person or entity(debtor) to an-other person or entity (creditor)
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Explanation:
Detailed explanation-1: -Creditors are individuals/businesses that have lent funds to another company and are therefore owed money. By contrast, debtors are individuals/companies that have borrowed funds from a business and therefore owe money.
Detailed explanation-2: -A debtor is a person or business. For the creditor, the money owed to them (by a debtor) is considered an asset. In some cases, money owed by a debtor can be an account receivable (for goods or services bought on credit) or note receivable if it’s a loan.
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