See Also: Debits and Credits Credit Letter Direct Tax Credit Memorandum (memo) Unsecured Credit Definition Define unsecured credit as credit not collateralized by an asset. It is a common form of credit used for business. Furthermore, an unsecured credit line comes in many forms, including the following: Credit card Trade credit Lines of credit Mezzanine debt
See Also: 5 Cs of Credit Credit Sales Standard Chart of Accounts Income Statement Free Cash Flow Trade Credit Definition The trade credit definition refers to postponing payment for goods or services received. Another trade credit definition is buying goods on credit, or extending credit to customers. It is also receiving goods now and paying for
See Also: 5 C’s of Credit (5 C’s of Banking) Credit Memorandum (memo) Net 30 Credit Terms Line of Credit (Bank Line) Letter of Credit Trade Finance Trade Account Definition The trade account definition is an account in which trade credit is spent and repaid. A trade account represents one of the most valuable lines
Retainage Definition What is retainage? What is a retainage fee? In the contracting business, vendors define this term as a portion of the payment that is withheld until the completion of a project. The client doesn’t pay the contractor remaining payment until all work on the project is complete. It is defined the risk clients
See Also: Account Reconciliation Accounting Controls Transfer Risk Commission Accounting Certified Public Accountant (CPA) Open Account Definition The open account definition is an account which remains to be paid. Open account is also known as an account payable by the bearer. Their terms exist in a multitude of situations: trade credit which is not fully paid,
See Also: Trade Credit 5 Cs of Credit Collateralized Debt Obligations Cash Flow Statement Balance Sheet Credit Sales Definition In accounting, credit sales refer to sales that involve extending credit to the customer. The customer takes the product now and agrees to pay for it later. Credit sales are a type of trade credit. They
See Also: 2/10 Net 30 Example Credit Sales Letter of Credit Line of Credit (Bank Line) Net 30 Credit Terms 5 C’s of Credit (5 C’s of Banking) 2/10 net 30 Definition 2/10 net 30, defined as the trade credit in which clients can opt to either receive a 2 percent discount for payment to
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