CHECKING ACCOUNT Definition

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CHECKING ACCOUNT is an account at a bank or savings and loan from which an individual can withdraw money by check, ATM card or debit card.

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TRADE PAYABLE, also known as an account payable, is an amount owed to a creditor for goods and services received.

LONG-TERM LIABILITIES are liabilities of a business that are due in more than one year. An example of a long-term liability would be a mortgage payable.

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