Collection
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Collection
The presentation of a negotiable instrument for payment, or the conversion of any accounts receivable into cash.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
Collection
The act of receiving payment for goods or services. Collection occurs on the spot in a cash sale, while it may occur some weeks or even months later in a credit sale. See also: Accounts receivable, Collection policy.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved