Define each of the following terms: j. Account receivable; days sales outstanding; aging schedule

Verified Answer

Accounts receivable - It is proceeds that the company will receive in the future for the goods or services sold on credit.
 
Days sales outstanding - It is the average number of days that customers take to pay the amount of credit purchases to the business.
 
Aging schedule - It is an accounting table that indicates the list of invoices outstanding according to the period of time for which they are now outstanding.