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Definition of ACCOUNT RECEIVABLE
: a balance due from a debtor on a current account
First Known Use of ACCOUNT RECEIVABLE
Any amount owed to a business as the result of a purchase of goods or services from it on a credit basis. Although the firm making the sale receives no written promise of payment, it enters the amount due as a current asset in its books. Accounts receivable constitute a major portion of the assets of many companies, and they may even be sold or pledged as collateral to obtain loans. See alsoaccount payable; factoring.