Question

Aaron, a businessman, has a method of keeping track of accounts receivable by sorting them into groups of those that are 30, 60, 90, and over 90 days past due. Aaron's key in controlling receivables is to have them _____, by sorting them into groups.

Answer 1

Answer:

Aaron's key in controlling receivables is to have them aged, by sorting them into groups.

Explanation:

Aaron is keeping track of his accounts receivable which are the amounts owed by customers to Aaron. Aaron is sorting them into groups each seperated by 30 days past due. So the first group is of all the accounts receivables which are past their due date by 30 days, second group is of all the accounts receivables which are past their due date by 60 days and so on. So it is clear that Aaron is sorting the accounts receivables into groups according to their age.

Answer 2

Answer: aged

Explanation: Sorting accounts receivables by age means to arrange the receivables which are overdue for payment by their duration ranges. It lists the receivables in 30-days buckets where the overdue payment could be 30, 60, 90 days and so on. Typically, accounts receivables occur when the organization gives out the commodities or services on credit to customers hence the sorting of receivables by age to ascertain the success of the credit and to know the customers that are overdue in making their payments.