A person who receives goods or services from a business in credit or does not make the payment immediately and is liable to pay the business in the future is called a Sundry Debtor.
Businesses use an account to track these transactions and they are called as Sundry Debtor account or Accounts Receivable.
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Sundry Creditor
A person who gives goods or services to the business in credit or does not receive the payment immediately from the business and is liable to receive the payment from the business in future is called a Sundry Creditor. Businesses use an account to ...
Intangible
An intangible is an asset type that is not tangible or of physical substance, over which a debtor can grant a security interest in, to secure the payment and performance of an obligation. Common examples of intangible assets of a debtor are its ...
Goods
Tangible personal property over which a debtor can grant a security interest in, to secure the payment and performance of an obligation. Common examples of goods are inventory and equipment.
Liability
Liabilities are debts owed by a business to the outsiders due to previous purchases or borrowings. The liabilities will have to be settled by outflow of short or long term assets, i.e. anything that is of economic value. There are three types of ...