wex definitions

An “accomplice witness” is someone who is both a witness to a crime and an accomplice in that same crime; one who participates with the defendant before, during, or after the commission of the crime.

Accord broadly means agreement but has several specific legal uses.

Accord and satisfaction occurs when there is an agreement (accord) between two parties (an obligor and an obligee) for alternative performance to discharge a

Generally, an account is a record, history, or report of something.

• secured transactions

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.