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The convention of disclosure requires that all material facts must be disclosed in the financial statements.For example, in the case of sundry debtors, not only the total amount of sundry debtors should be disclosed, but also the amount of good and secured debtors, the amount of good but unsecured debtors and amount of doubtful debts should be stated.
The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. If X borrowed money from their bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor. It is not a crime to fail to pay a debt.
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Download as PDF; Printable version; In other projects ... Appearance. move to sidebar hide. Debtor and Creditor can refer to: Debtor; Creditor; See also. Debt; This ...
Debtor collection period = Average debtors / Credit sales × (average debtors = debtors at the beginning of the year + debtors at the end of the year, divided by 2 or Debtors + Bills Receivables) The average collection period (ACP) is the time taken by businesses to convert their accounts receivable (AR) to cash.
Every transaction involves one person extending credit to another, there is a necessary moral equivalence of creditors and debtors. Similarly, just as in banking, credit is limited to the degree to which the account-holder is trusted, in mutual credit, debit is often also limited to the degree to which the account holder is trusted to spend ...
Conservatives and the creditor class favored "hard money", they favored resumption as a method for making up losses incurred due to dollar depreciation during the past decade. The resumption of specie payments was perceived as a method to curb the rise in the price level and eventually equate currency with gold. [ 4 ]