LONG-TERM RECEIVABLE Definition

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LONG-TERM RECEIVABLE, in accounting, is any receivable that is scheduled or projected for receipt in greater than a 12-month period, e.g. notes receivable or a receivable in litigation.

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UNUSUAL GAINS AND LOSSES are material gains and losses that are either unusual or occur infrequently, but not both, are excluded from the extraordinary item classification See EXTRAORDINARY ITEMS.

DEFLATION is a contraction of economic activity resulting in a decline of prices.

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