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liability
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∙ 12y ago
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What is the money owed to creditors called?
Accounts Payable
The notice sent to position showing the amount owed to the physician is called?
The notice that is sent to a patient that shows the amount owed to the physician is called a statement.
Why is it important for a person to pay bills owed to creditors in a timely manner?
Is is very important for a person to pay bills owed to creditors in a timely manner, because if they don't, they will end up getting millions of phone calls from the collection agency, and will get sued.
Can the amount of a past due credit card balance be reduced?
Original creditors will not accept a settlement for less than the amount owed. Collectors who purchase an account will usually be willing to accept an amount for less than the full balance of the account rather than pursue lengthy and expensive litigation procedures.
What can occur when a person owes more money than he or she can earn or pay to creditors?
A person can lose everything he or she owns when creditors move in to collect what they are owed. A person might have to go through bankruptcy.
Does a credit to a liability account increase or decrease amount owed?
It increases the amount owed, because creditors would be credited
A credit to a liability account?
indicates an increase in the amount owed to creditors.
What is the money owed to creditors called?
Accounts Payable
If you receive a personal injury settlement do you have to repay your creditors the total amount owed to them?
yes.
Accounts Payable represents amounts owed to debtors True False?
False, Accounts payable represents the amount payable to creditors rather debtors which is called accounts receivable.
What is the creditors?
money owed by the company
What are Accounts Payable and Notes Payable?
Accounts payable are the amounts owed to a supplier that the buyer holds an account with. Notes payable is the amount owed to creditors, that is, suppliers that the buyer does not hold an account with.
What is the creditors balance?
money owed by the company
The notice sent to position showing the amount owed to the physician is called?
The notice that is sent to a patient that shows the amount owed to the physician is called a statement.
What meant by sundry creditors?
When amount from more than one small creditors are join and shown together it is called sundry creditors.
What is baddebt?
Baddebt are those amount which cannot be recovered from the creditors this amount is in short unrecoverable so it is called baddebt.
What companies can be considered debt collection companies?
Debt collection companies are usually companies that specializes in pursuing the collection of debts owed by individuals or businesses. They operate as agents of creditors and collect debts for a fee or a percentage of the total amount that is owed by such individuals/companies.
