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what is the difference between account receivable and account payable? required short answer and simply

what is the difference between account receivable and account payable?
required short answer and simply

Business   Accounting   
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Answer #1

accounts receivable are the amounts owed to the company by its customers.

Also called trade receivables.

They are current assets to the company Eg: sundry debtors

accounts payable are the amounts owed by the company by its creditors

. Also called as trade payables. Eg: sundry creditors,

They are current liabilities to the company

As mentioned the answer has been kept short and simple.

HOPE THIS WAS HELPFUL. INCASE OF DOUBTS, GET BACK TO ME.

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