ACCOUNTSRECEIVABLE

Accounts receivable

Accounts receivable are a legally enforceable claim for payment to a business by its customer/ clients for goods supplied and/or services rendered in execution of the customer’s order. These are generally in the form of invoices raised by the business and delivered to the customer for payment within an agreed time frame. Accounts receivable are shown in the balance sheet as asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the customer has ordered. These may be distinguished from notes receivable, which are debts created through formal legal instruments called promissory notes.

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accounts receivable

Noun

  1. The total monetary amount owed to a financial entity due to debts arising from sales on credit or on account.


The above text is a snippet from Wiktionary: accounts receivable
and as such is available under the Creative Commons Attribution/Share-Alike License.

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