financial services

A 341 meeting is a mandatory meeting held at the beginning of a bankruptcy proceeding. Also referred to as the creditors meeting, its name comes from section 341 of the Bankruptcy Code.

A/R is the abbreviation for accounts receivable.

[Last reviewed in June of 2022 by the Wex Definitions Team]

The absolute bar rule prohibits a creditor who disposes of collateral in a commercially unreasonable manner from obtaining a deficiency judgment. 

For example:

In the context of secured transactions, an account debtor is a person or entity who owes an obligation to a creditor for goods or services by virtue of an acc

An account receivable (abbreviated A/R) is the money owed to a business by other entities in exchange for property or services that were provided on credit (listed under current assets on balance sheets). The settlement of an account receivable begins by sending an invoice to the client.

An account stated is a document summarizing the amount of money a debtor owes a creditor. Account stated is also a cause of action in many states that allows a creditor to sue for payment.

An accountant is a trained professional who has satisfied the statutory and administrative requirements under applicable law to practice as a licensed public accountant. These requirements vary from state to state. The accountant is responsible for performing the accounting of a business.

Accounting is the practice of accurately and timely recording, analyzing, summarizing, and classifying financial transactions of a business. Commonly, those financial transactions are recorded in a set of financial records called financial statements. 

Accounts payable is an accounting term that describes the short-term debt that a company owes to its suppliers or vendors for products or services received before a payment is made, typically less than a year, such as within 30 or 60 days. Accounts payable may be abbreviated to “AP” or “A/P.” Accounts payable may also refer to a business department of a company responsible for organizing payments on such accounts to suppliers.

Accounts receivable (abbreviated AR or A/R) is an accounting term, which refers to the money owed to a business by another business or individual in exchange for property or services that were provided on credit. In other words, accounts receivable stands for the money that have not been paid to a business.