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The process shown on the diagram in the figure is
Time Extension
The act of prolonging a period or deadline, allowing more time for completion of a task or obligation.
Notes Receivable
Written promises for amounts to be received by a company, usually including interest, classified as an asset on the balance sheet.
Accounts Receivable
Amounts owed to a company by customers for goods or services delivered or used but not yet paid for.
Current Liability
Financial obligations that a company is required to pay within one year or within its operating cycle, whichever is longer.
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