Accounts receivable
Accounts receivable are amounts owed by customers on account. They result from the sale of goods and services. Companies generally expect to collect these receivables within 30 to 60 days. Accounts receivable are the most significant type of claim held by a company.
Three accounting issues associated with accounts receivable are:
1. Recognizing accounts receivable.
2. Valuing accounts receivable.
3. Disposing of accounts receivable.
Category: Accounting & Auditing
Previous: ← Receivables
Next: Notes receivables →
More from this Section
- Financial budgets
Financial budgets refer to individual budgets that focus primarily on the cash resources ... - Retained earnings statement
The retained earnings statement is a financial statement that shows the changes in retained ... - Prior period adjustment
The correction of an error in previously issued financial statements is known as a prior ... - Voucher register & Check register
An employee in accounts payable records the voucher which in a journal called a voucher ... - Managerial accounting
Managerial accounting also called management accounting, is a field of accounting that ...