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Accounts Payable represents amounts owed to debtors True False?
False, Accounts payable represents the amount payable to creditors rather debtors which is called accounts receivable.
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
What is the difference for account receivable and accounts payable?
When company make sales in credit it creates the accounts receivable while when company purchases on credit it creates the accounts payable so accounts receivable is current asset while accounts payable is current liability.
What type of accounts are accounts receivable and accounts payable?
real accounts
Is Accounts receivable is the opposite of accounts payable?
Accounts Receivable = money owed to YOU by another person or companyAccounts Payable = Money YOU OWE to another person or company
Accounts Payable represents amounts owed to debtors True False?
False, Accounts payable represents the amount payable to creditors rather debtors which is called accounts receivable.
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
What is the difference for account receivable and accounts payable?
When company make sales in credit it creates the accounts receivable while when company purchases on credit it creates the accounts payable so accounts receivable is current asset while accounts payable is current liability.
What type of accounts are accounts receivable and accounts payable?
real accounts
Is Accounts receivable is the opposite of accounts payable?
Accounts Receivable = money owed to YOU by another person or companyAccounts Payable = Money YOU OWE to another person or company
What is the antonym of accounts payable?
Accounts receivable is the term for amounts due, while accounts payable are owed.While this is the "opposite" of accounts payable, it is NOT an antonym.
When paying on credit is that classified as accounts payable or receivable?
account payable
What is the difference between Accounts Payable and Accounts Receivable?
Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts payable are liabilities. Accounts receivable are assets.
Difference between accounts payable and creditors?
Accounts payable are usually the suppliers to a company who are providing credit terms on purchases. Sundry creditors are any other creditors which dont fall into the usual categories on the balance...account receivable- money coming in for profit account payble-money going out for a expense .Accounts payable refers to liabilities owed to creditors from whom you've made a purchase. Notes payable refer to liabilities owed to investors from whom you've borrowed money by issuing a debt...
Is an invoice an accounts payable?
It can be either accounts payable or receivable. If you owe someone else - the invoice is for the service you provided, it's a receivable. If the invoice is from someone you owe money to for a services - it's payable.
What is the allowances doubtful account receivable?
accounts payable
What stage of accounting is known as accounts payable?
Accounts payable is money owed by a company to its creditors.
