Examlex
Explain how accounts are used in recording information about a business's transactions.
Accounts Receivable
Money owed to a company by its debtors, representing funds due for goods or services provided on credit.
Accounts Payable
Money owed by a company to its creditors or suppliers for goods or services that have been delivered but not yet paid for.
Person
An individual human being.
Avoid Payment
The act of intentionally preventing or escaping the obligation to pay for a service or fee.
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