Final answer:
The right to receive money in the future is referred to as an account receivable, which is recorded as an asset for the company on its balance sheet within a T-account.
Step-by-step explanation:
The right to receive money in the future is referred to as a(n) account receivable. This is considered an asset for the company as it represents money that customers or clients owe the company for goods or services that have already been delivered or performed but not yet paid for. In accounting, these are recorded on the balance sheet within a T-account, where one side represents assets and the other represents liabilities. An account receivable is different from an account payable, which represents the company's obligation to pay others. It is also distinct from liability, which includes all debts and obligations owed by the company, and revenue, which is the income generated from normal business operations.