On a business balance sheet, accounts receivable are considered assets. Accounts receivable represent what is owed to a business that supplies goods and services to other businesses without payment upfront. More »

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In the accounts receivable process, retainage is a portion of the final payment of a contract for a product or service. This payment is withheld until the project is complete per the terms of the contract. The payment is... More »

Accounts receivables are invoices that a company issues to its customers, and an accounts receivable aging report details how old outstanding invoices are. It is a tool that allows a company to manage its credit risk. More »

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The most important accounting terms include liability, asset, income statement, revenue and balance sheet. Although there are other important accounting terms, these five are the most frequently used when practicing acco... More »

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Accumulated depreciation is considered a contra asset, appearing as a negative balance underneath the asset to which it is assigned in the asset section on the balance sheet. However, accumulated depreciation cannot be c... More »

A contra asset is a negative asset account used in a balance sheet to offset a positive account it is paired with. Businesses use a contra-asset account combined with a paired account to find the net, or book value, of a... More »

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The order of liquidity plays a part in the balance sheet by determining which assets are listed first. This order determines which are more useful on an immediate basis. More »