Yes, it is true the local government and the community bssed group are working hand in hand for the betterment of the community especifically the making of policy and other good things for all the people living in the community. These two group will tackle about projects and the budget.
Accounts Receivable (AR) is NOT categorized as a liability because it is a resource/s that is owned businesses, not owes. Accounts Receivable is the account name for collectible moneys from customers' debt to the business that is usually within the operating cycle of the business.
To further understand why AR is an asset, just continue reading.Assets
In accounting, assets are the resources that a company owns and has monetary value.Two types of asset:Current asset - assets that are usable or convertible to cash within a year or operating cycle of a business.Non-current asset - assets that can't be used or converted to cash within a year or operating cycle of a business.Examples of current asset:Cash and cash -on- of non-current asset:LandEquipment/MachinesIntangible assetsLiabilities
In accounting, liabilities are the resources that a company owes to another business or people.Two types of liabilities:Current liabilities - accountabilities that must be paid or dealt within a year or operating cycle of a business.Non-current liabilities - accountabilities that must be paid but not within a year or operating cycle of a business.Examples of current liabilities:Accounts PayableNotes PayableUnearned RevenuesExamples of non-current liabilities:Mortgage PayableBonds Payable
Current portion of long-term debt (CPLTD) refers to the section of a company's balance sheet that records the total amount of long-term debt that must be paid within the current year.