A Customer's Promise to Pay on Credit Is Classified as an Account

question 47

True/False

A customer's promise to pay on credit is classified as an account payable by the seller.

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Definitions:

Delinquent Claim

A term used in healthcare and insurance to describe a claim that has not been paid or settled within the expected or agreed time frame.

Anticipated Date

The expected or scheduled date for an event or action to happen, often used in planning or arranging.

Insured ID Number

A unique identifier assigned to an individual covered under an insurance policy, used for identification and billing purposes.

Electronic Claims Tracking (ECT)

Computer software designed for monitoring insurance claims.