What is(are) the method(s) of accounting for accounts receivable?

Question

Quizplus · Accepted Answer

Both balance forward and open item are widely accepted methods of accounting for accounts receivable. Balance forward involves carrying forward the balance of the prior period to the current period and adding any new transactions, while open item matches each invoice and payment to ensure outstanding balances are accurate. Some companies may choose to use one method over the other based on their needs and the complexity of their accounts receivable.

What Is(are) the Method(s) of Accounting for Accounts Receivable