An Account Receivable Is a Claim Against a Customer Arising

question 139

True/False

An account receivable is a claim against a customer arising from a sale on account.

---

Definitions:

Express and Implied Powers

Authorities of a governmental or organizational body that are explicitly stated (express) or inferred through conduct (implied).

Ultra Vires

Acts or decisions made by an entity that are beyond the scope of powers granted by its constitution or laws.

Articles of Incorporation

Legal document filed with a governmental entity to legally establish a corporation.

Incorporator

The person or entity that files the incorporation papers with the state to legally form a corporation.