banking

A 341 meeting is a mandatory meeting held at the beginning of a bankruptcy proceeding. Also referred to as the creditors meeting, its name comes from section 341 of the Bankruptcy Code.

In the context of secured transactions, an account debtor is a person or entity who owes an obligation to a creditor for goods or services by virtue of an acc

An account receivable (abbreviated A/R) is the money owed to a business by other entities in exchange for property or services that were provided on credit (listed under current assets on balance sheets). The settlement of an account receivable begins by sending an invoice to the client.

An account stated is a document summarizing the amount of money a debtor owes a creditor. Account stated is also a cause of action in many states that allows a creditor to sue for payment.

Accounts payable is an accounting term that describes the short-term debt that a company owes to its suppliers or vendors for products or services received before a payment is made, typically less than a year, such as within 30 or 60 days. Accounts payable may be abbreviated to “AP” or “A/P.” Accounts payable may also refer to a business department of a company responsible for organizing payments on such accounts to suppliers.

Accounts receivable (abbreviated AR or A/R) is an accounting term, which refers to the money owed to a business by another business or individual in exchange for property or services that were provided on credit. In other words, accounts receivable stands for the money that have not been paid to a business.

The accrual method of accounting includes accounts payable and accounts receivable instead of ignoring those pending payments.

Accrue has two common definitions:

Adjustable rate mortgage (ARM) is a type of mortgage where the interest rate changes over time. In contrast, fixed rate mortgages made for 15, 20, or 30 years, have a set amount of interest on the loan that does not change. ARMs come in many different forms. The typical ARM has a fixed interest rate for a specific amount of time.

Adjustment is a settlement, allowance, or deduction made on a debt or claim that has been objected to by a debtor or creditor in order to establish an equitable arrangement between the parties.