Receivable is an accounting term associated with the amounts that are owed to the business by other parties, mainly its customers. These are basically the claims that are likely to be acquired in future. These claims stem from selling goods or services on credit. Receivables can also arise when someone lends money to another person. Generally, receivables are classified into three main categories: (1) accounts receivables, (2) notes receivables, and (3) other receivables. Accounts receivables and notes receivables arise from main operating activities of companies and they are known as trade receivables. Receivables can be also classified as current (short-term) and non-current (long-term) receivables with respect to their maturity structures.