Something owed is a term used to describe a DEBT or an obligation. A DEBT is an amount of money that is owed to another person or organization, while an obligation is a duty or responsibility that must be fulfilled. The two most common forms of something owed are a DEBT and a TAB. A DEBT is a sum of money that is owed by one party to another, while a TAB is an unpaid bill for goods or services that have been purchased.