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When teaching a class of nursing students about advanced practice nursing, a nursing instructor states:
Current Liability
A company's debts or obligations that are due within one year or within the normal operating cycle.
Receiving Payment
The process of collecting money from customers or clients in exchange for goods or services rendered.
Notes Payable
Short-term or long-term liabilities representing amounts owed by a business, documented by a formal promissory note.
Accounts Payable
Liabilities owed by a business to its suppliers or creditors for goods and services purchased on credit.
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