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Receivables
Funds that are owed to a company by its customers or clients for goods or services already delivered.
Payables
Short-term liabilities of a company, representing amounts owed to suppliers or creditors for goods and services received but not yet paid for.
Control Accounts
General Ledger accounts that summarize the balances of numerous subsidiary accounts, used to consolidate and reconcile details.
Computerized Accounting System
An accounting system that utilizes software to record, store, and process financial transactions and data.
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