Asked by Patricia Garcia on May 28, 2024
Verified
An account receivable is a claim against a customer resulting from a sale on account.
Account Receivable
Money owed to a company by its customers for goods or services provided on credit.
Sale On Account
A transaction where goods are sold and payment is to be made at a later date.
- Acquire knowledge of the consequences business operations have on financial reports, including the implications for assets, liabilities, and equity of the owner.
Verified Answer
DS
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Final Answer :
True
Explanation :
An account receivable is a balance due to a company, usually from a customer, for goods or services that have been delivered or used but not yet paid for. It represents a claim against the customer for an amount due.
Learning Objectives
- Acquire knowledge of the consequences business operations have on financial reports, including the implications for assets, liabilities, and equity of the owner.
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