________________________ Refers to Products That a Company Owns and Intends

question 20

Essay

________________________ refers to products that a company owns and intends to sell.

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Definitions:

Allowance Account

An account used to offset the gross accounts receivable by the amount estimated to be uncollectible.

Accounts Receivable

Unsettled payments from customers to a business for goods delivered or services carried out.

Note Receivable

A financial asset representing a promise for future receipt of cash, typically arising from sales or loans, evidenced by a written promise to pay.

Account Receivable

Deferred payments from customers for the delivery or use of goods or services by a company.