Search results
Results from the WOW.Com Content Network
In banking and accounting, the balance is the amount of money owed (or due) on an account. In bookkeeping, "balance" is the difference between the sum of debit entries and the sum of credit entries entered into an account during a financial period. [1] When total debits exceed the total credits, the account indicates a debit balance.
For example, a business plan for a non-profit might discuss the fit between the business plan and the organization's mission. Banks are quite concerned about defaults, so a business plan for a bank loan will build a convincing case for the organization's ability to repay the loan.
In financial accounting, a liability is a quantity of value that a financial entity owes. More technically, it is value that an entity is expected to deliver in the future to satisfy a present obligation arising from past events. [1]
Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor.Debt may be owed by a sovereign state or country, local government, company, or an individual.
An IOU (abbreviated from the phrase "I owe you" [1] [2]) is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment. IOUs usually specify the debtor, the amount owed, and sometimes the creditor.
The term "owned" subsequently spread to gaming circles, where it was used to refer to defeat in a game. For example, if a player makes a particularly impressive kill shot or wins a match by an appreciable margin in a multiplayer video game, it is not uncommon for him or her to say owned to the loser(s), as a manifestation of victory, a taunt, or provocation.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
The person who owes the bill or debt is the debtor. Debtors may fail to pay (default) for various reasons: because of a lack of financial planning or overcommitment on their part; due to an unforeseen eventuality such as the loss of a job or health problems; dispute or disagreement over the debt or what is being billed for; or dishonesty on the ...