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Average Collection Period
The average collection period is the average number of days it takes for a business to receive payments owed by its customers for sales made on credit.
Accounts Receivable
Funds that are owed to a company by its customers for products or services provided on credit.
Note Receivable
A written promise that one party will receive a certain amount of money from another party at a future date, categorized as an asset.
Honoured
In financial terms, referred to a cheque or payment that has been accepted and processed by the bank.
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