Notes Receivable
Notes receivable refers to written promises from customers or borrowers to pay a fixed amount at a future date. These are considered assets and often involve interest. Unlike accounts receivable, they are formal, legally binding documents and may have longer repayment periods, usually over one year.
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Non-current Liabilities
Non-current liabilities are long-term financial obligations not due within the current fiscal year. These include bonds payable, long-term loans, deferred…
Net Realizable Value
NRV is the estimated selling price of an asset, less any costs required to complete or sell it. It’s commonly…
Nominal Account
Nominal accounts are temporary accounts used to record income, expenses, gains, and losses during a period. They are closed at…
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