What do we call money owed to a business from its customers?

Money owed to a business from its customers is categorized as accounts receivable. This term refers specifically to the outstanding invoices or amounts that customers have promised to pay for goods or services that have been delivered but not yet paid for. Accounts receivable are considered an asset on a company's balance sheet because they represent money that the company expects to receive, which can be utilized for operating expenses or reinvestment.

In this context, accounts payable refers to the amounts that a company owes to its suppliers for goods or services received, which is the opposite of accounts receivable. Inventory represents the goods and materials a business holds for the purpose of resale, and liabilities encompass obligations or debts a company has, which is a broader category that would include accounts payable as well as long-term loans and other financial obligations. Thus, "accounts receivable" is the most accurate term to describe money owed to a business from its customers.