Final answer:
The other accounts receivable system, apart from balance-forward, is the open-item system. This method handles transactions separately, contrasting with the balance-forward approach that carries over balances. Debit cards are tied to direct funds, while credit cards essentially provide a short-term loan.
Step-by-step explanation:
One type of accounts receivable system is balance-forward, and the other is the open-item system. Unlike the balance-forward system, where the outstanding balance carries over to the next billing period, the open-item system treats each invoice individually, and transactions are settled separately. Each method offers different ways of managing and recording transactions.
Payment systems, like debit cards, offer convenient access to funds in your checking or savings account, allowing for electronic transfers when making purchases. This contrasts with credit card systems, which essentially provide a short-term loan with the amount owed to the credit card company at the end of the billing period. Payment systems are a crucial part of the economy, allowing for the exchange of goods and services for money or other financial assets