Letter grading is a prevalent system. adjective. The definition of prevalent is widespread, well known or in general use. An example of prevalent is the use of a letter grading system in colleges. prevalent. prevalent.
Answer / saif. A debtor/Accounts receivable is a person who owes to money to the business as he has received some benefit from the business. A Creditor/Accounts Payable is a person to whome the business owes money as he has given some benefit to the business.
What are creditor and debtor? In business, the terms creditor and debtor refer to the parties involved with borrowed funds such as bank loans, credit extended, notes payable, or bond sales. A creditor is a party who lends money or extends credit to another party, the debtor.