Accounts Receivable

Definition

Money owed to a business by another business or individual in exchange for property or services that were provided on credit.  The settlement of an account receivable begins by sending an invoice to the customer.  A company enters accounts receivable under "current assets" on its balance sheet. 

Illustrative case law

See, e.g. United States v. Berg, 250 F.3d 139 (2d Cir. 2001).

See also