For credit under a(n)___________the terms deﬁne the credit period available to the customer and any discounts offered for early payment.

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An open account is a type of credit agreement between a seller and a buyer. The terms of an open account include the credit period available to the customer and any discounts offered for early payment. With an open account, the buyer is expected to pay the seller within a set period of time, usually 30, 60 or 90 days. This type of credit agreement is commonly used in business-to-business transactions.

For Credit Under A(n)___________the Terms Deﬁne the Credit Period Available