Accounts Receivable (A/R) Law and Legal Definition
Accounts receivable (A/R) means the amount of money that is due from the customers or clients to another entity like a business or professional for the goods or services that have been delivered or used by the customers. The amount of money that is to be received come in the form of operating lines of credit and are usually due within a relatively short time period, ranging from a few days to a year. Usually the accounts receivable on a public company's balance sheet, is recorded as an asset because this represents a legal obligation for the customer to remit cash for its short-term debts.
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