Abbreviation for accounts receivable.
financial services
A/R
Definition
Absolute-Bar Rule
Definition
A rule preventing a creditor who sells collateral in a commercially unreasonable manner, e.g. without giving reasonable notice to the debtor, from obtaining a deficiency judgment.
Illustrative caselawSee, e.g. Beardmore v. American...
Account Debtor
Definition
Someone who owes an obligation by virtue of an account, chattel paper, or general intangible.
Illustrative caselawSee, e.g. Nickey Gregory Co., LLC v. AgriCap, LLC, 597 F.3d 591 (4th Cir. 2010).
See alsoSecured transactions
Account Receivable
Definition
See accounts receivable.
Account Stated
Definition
A statement between a creditor and a debtor that settles the total amount of debt owed to the creditor.
There are three elements of an account stated: (1) There exists prior transactions between the parties, creating a creditor-debtor...
Accountant
Definition
A professional who engages in accounting, which involves preparing and auditing financial statements, bookkeeping and financial analysis.
An accountant may also be qualified to give individuals or corporations tax advice and prepare...
Accounting
Definition
1) The procedure of recording, analyzing, summarizing and classifying the financial transactions and information of a person or business which aids in accurate administration of resources.
2) A plaintiff's legal action to recover money...
Accounts Payable
Definition
Short-term debt that a company owes to its suppliers for products received before payment is made. Accounts payable entries are listed under "Current Liabilities" in the business' balance sheet and the items are removed once the account has...
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...
Accrual Method of Accounting
One method of accounting where economic events, such as income and expenses, are recorded at the moment they are incurred, as opposed to when they are received. This provides a more accurate statement of the current financial state of a company and...