Explain the Grandfather-Father-Son Backup Technique

question 104

Essay

Explain the grandfather-father-son backup technique.

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Definitions:

Accounts Receivables

Money owed to a business by its clients for goods or services delivered but not yet paid for.

Insurance

A contractual arrangement where one party, the insurer, compensates another party, the insured, for losses from specific events or dangers.

Accounts Receivable

Money owed by customers to a company for goods or services that have been delivered or used but not yet paid for.

Credit Sales

Sales for which payment is not received at the time of purchase, allowing customers to pay at a later date, thereby creating receivables for the seller.