1. What is the difference between accounts receivable and notes receivable? 2. What do the terms ‘creditor’ and ‘debtor’ mean? 3. What is a critical element of internal control in the handling of...

1. What is the difference between accounts receivable and notes receivable?

2. What do the terms ‘creditor’ and ‘debtor’ mean?

3. What is a critical element of internal control in the handling of receivables by a business? Explain how this element is accomplished.