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Mental accounting interprets the tendency of people to mentally segregate their financial resources into different categories. In the event of financial losses or gains in different mental accounts, people will be impacted differently than if the financial loss was integrated across their entire financial portfolio.
Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms [citation needed] or payment terms.
In double-entry bookkeeping, a sale of merchandise is recorded in the general journal as a debit to cash or accounts receivable and a credit to the sales account. [3] The amount recorded is the actual monetary value of the transaction, not the list price of the merchandise. A discount from list price might be noted if it applies to the sale.
Resources, events, agents (REA) is a model of how an accounting system can be re-engineered for the computer age.REA was originally proposed in 1982 by William E. McCarthy as a generalized accounting model, [1] and contained the concepts of resources, events and agents (McCarthy 1982).
In accounting, a current asset is an asset that can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year, operating cycle, or financial year. In simple terms, current assets are assets that are held for a short period.
In psychology, the term mental models is sometimes used to refer to mental representations or mental simulation generally. The concepts of schema and conceptual models are cognitively adjacent. Elsewhere, it is used to refer to the "mental model" theory of reasoning developed by Philip Johnson-Laird and Ruth M. J. Byrne.
A logical graph is a special type of graph-theoretic structure in any one of several systems of graphical syntax that Charles Sanders Peirce developed for logic.. In his papers on qualitative logic, entitative graphs, and existential graphs, Peirce developed several versions of a graphical formalism, or a graph-theoretic formal language, designed to be interpreted for logic.
Accounts receivable refers to the outstanding balance of accounts receivable at a point in time here whereas average sales per day is the mean sales computed over some period of time. This can be annual as in the formula above, or it can be any period of time considered useful to the company.