PLz help me with my homework!!
2006-11-24 17:20:50 · 2 answers · asked by singer 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Indebtedness means how much you owe.
It might be money or favors.
2006-11-24 17:29:05 · answer #1 · answered by rumplestiltskin12357 3 · 0⤊ 0⤋
Indebtedness is the state of being in somebodys debt. or the condition of owing somebody money or thanks.
Indebtedness is also the total amount of money owed to somebody. It is also the level of the liability of a debtor. In accounting, it is used to know how much a borrower/debtor owes a creditor.
For instance you can say "his indebtedness has reached a level his business liquidation". That is he owes so much that he cannot pay, in that case, his creditors are about to liquidate his assets.
2006-11-25 01:35:25 · answer #2 · answered by Nnamsco 3 · 1⤊ 0⤋