State whether the following statement are true or false with reason :

1.	State whether the following statement are true or false with reason :Amount due from other person is known as debt.
Answer» This statement is True. Debt is a total sum of money due from a person with whom the business has dealings. Accordingly, a person from whom such debt is due to a business is called the debtor.

State whether the following statement are true or false with reason :Amount due from other person is known as debt.

Answer»

This statement is True.

Debt is a total sum of money due from a person with whom the business has dealings. Accordingly, a person from whom such debt is due to a business is called the debtor.

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State whether the following statement are true or false with reason :Amount due from other person is known as debt.

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