Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 1 - Introduction to Financial Statements - Self-Test Questions: 1

Answer

(b) Creditorship

Work Step by Step

A Creditorship may be described as the state of being a creditor. A creditor is an act and not any form of business but it is the scenario when one is owed money. Being owed money does not constitute any type of business but may be termed as a transactional situation.
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