Author: Terms compared staff

Definitions and meanings: Notes payable: The notes payable is a liability account maintained in the company’s general ledger. When a company lacks cash, it may issue a promissory note to a financial institution or a vendor...

Definitions and meanings Notes receivable: The note receivable is a formal promissory note issued by the maker or issuer to the payee. It may be defined as a written promise to pay an individual or organization a certain amount...

Assets: A resource of a business entity that is owned and controlled by the business is known as asset. This resource has an economic value and inflow of economic benefits for business probable from it. Liabilities: Any future...

Availability of sufficient funds is among the basic requirements for any business entity to start and/or continue its operations smoothly and fluently. In order to raise funds companies mostly use two basic methods; they either...