Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 29 - No. 16)
What does the term 'creditor' mean in accounting?
Someone who owes money to a business.
Someone who has a claim on the assets of a business.
The owner of a business.
The person who manages the accounting records.
Explanation
A creditor is someone to whom a business owes money (a lender, supplier, etc.).
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