NET RECEIVABLES are a companys accounts receivable (money owed to the company) minus any provisions for bad debts. A firm with a sustainable competitive advantage shows a lower percentage net receivables to gross sales than their competitors, i.e. a firm with a sustainable competitive advantage need not be generous with credit.
ACCOUNTING ENTITY ASSUMPTION states that a business is a separate legal entity from the owner. In the accounts the business' monetary transactions are recorded only.
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.
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