what is the difference between account receivable and
account payable?
required short answer and simply
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. DO CONSIDER GIVING THIS A THUMBS UP. |
Get Answers For Free
Most questions answered within 1 hours.