The , Also Known as the Lincoln Law, Was Enacted

question 15

Short Answer

The , also known as the Lincoln Law, was enacted to combat fraud by companies that sold supplies to the Union Army.

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Definitions:

Accounts Receivable

Financial obligations of customers towards a business for delivered products or services awaiting payment.

Discount Period

The time frame within which a payment can be made at a reduced rate.

Asset Account

An account on a balance sheet representing resources owned by a company that have economic value.

Liability Account

A category in financial accounting that represents debts or obligations a company owes to others.