Match the terms with their correct definition. 1. Accounts receivable 2. Other receivables 3. Debtor 4. Notes
Question:
1. Accounts receivable
2. Other receivables
3. Debtor
4. Notes receivable
5. Maturity date
6. Creditor
a. The party to a credit transaction who takes on an obligation/payable.
b. The party who receives a receivable and will collect cash in the future.
c. A written promise to pay a specified amount of money at a particular future date.
d. The date when the note receivable is due.
e. A miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future.
f. The right to receive cash in the future from customers for goods sold or for services performed.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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