ACCOUNT AGING Definition

ACCOUNT AGING usually refers to the methods of tracking past due accounts in accounts receivable based on the dates the charges were incurred. Account aging can also be used in accounts payable, to a lesser degree, to monitor payment history to suppliers. See also AGING OF ACCOUNTS.

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OVERAGE is that amount, as in money or goods, that is actually on hand and exceeds the desired or listed amount in records or books. Also known as SURPLUS.

TOTAL LIABILITIES & NET WORTH is the sum of all liability items and Net Worth.

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