Accounting Dictionary - Accounting Terms & Definitions
A: Creditors
Creditors are entities and individuals borrowing financial means to the business, i.e. those to whom business owes money.
All the debt to Creditors is reflected as Liabilities on the Balance Sheet and this is one type of the financial means by which assets belonging to the business are being financed. All Liabilities have their maturity date, i.e. have to be paid back on the certain date.
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