The key in controlling receivables is to have them _____,by sorting them into groups of those that are 30,60,90,and over 90 days past due.
A)recorded
B)cataloged
C)aged
D)classified

Question

Quizplus · Accepted Answer

The term "aging" is commonly used in accounting to describe the process of sorting accounts receivable into groups based on how long they have been outstanding, typically 30 days, 60 days, 90 days, and over 90 days. This allows businesses to track and control their receivables more effectively, identifying overdue accounts that may require additional follow-up and minimizing the risk of bad debts. While the other options (recorded, cataloged, and classified) may be relevant to managing receivables, none of them specifically refers to the aging process.

The Key in Controlling Receivables Is to Have Them _____,By