Question

what do you mean by terms of credit

Answer 1

Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some date in the future, generally with interest. Credit also refers to an accounting entry that either decreases assets or increases liabilities and equity on the company's balance sheet.


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Answer 2

The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.

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