Chapter 7: Reporting and Analyzing Receivables

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10 Terms

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Receivable

Money that another person or business owes a company.

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Accounts receivable (A/R)

Amounts customers owe from credit sales

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Notes receivable

Written promises for amounts owed by customers, typically with interest.

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Credit sale

A sale in which payment is deferred, allowing customers to purchase goods or services and pay for them later.

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Creditor

The person or business who is owed money

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Debtor

The person or business who owes money to a creditor.

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Principal

The original sum of money borrowed or invested, excluding any interest or additional fees.

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