ACCOUNTS RECEIVABLE Definition

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ACCOUNTS RECEIVABLE is a current asset representing money due for services performed or merchandise sold on credit.

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REVIEW is an accounting service providing some assurance to the Board of Directors and interested parties as to the reliability of financial data without the CPA conducting an examination in accordance with generally accepted accounting standards. The AICPA auditing standards board formulates review standards for public companies while the AICPA Accounting and Review Services Committee provides review standards for non-public businesses.

BANK STATEMENT is a statement reporting all transactions in the accounts held by the account holder.

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