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Accounts Payable: Thesr are the creditors from whom we need to pay amount for the goods or supplies we purchased on credit and paymend deffered till later time.
Debtors: are those people to whom we provide services or products and need to collect money in some future time.
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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.
What type of account is debtors account?
Accounts Payable.
Difference between account payable and bills payable?
Accounts Payable releted to Creditors and Bills payable releted to bank.
What is the difference between credit sales and accounts payable?
Credit sales referes to sales and accounts payable referes to bank
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.
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.
What type of account is debtors account?
Accounts Payable.
Difference between account payable and bills payable?
Accounts Payable releted to Creditors and Bills payable releted to bank.
What is the difference between credit sales and accounts payable?
Credit sales referes to sales and accounts payable referes to bank
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.
What is the difference between accounts payable and notes payable?
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 security.
What is the difference between notes payable and accounts payable?
A note payable is a tangible note between you and another company that you will pay them back for a good or service they sold you. An account Payable is an allocation base for all of your notes payable. so for example i could have a note payable to company A for $100, Company B for $500, and Company C for $300, and my accounts payable would be $900
Difference between account payable and bill payable?
When goods purchased on credit it creates accounts payable and instead of waiting for actual payment time, creditors ask the company to issue a bill which they can use to fulfill their cash needs and hence in this way accounts payable changes into bill payables.
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.
Are creditors accounts payable or accounts receivable?
Accounts Payable
Who is responsible for posting authorized credits to accounts payable?
Accounts Payable clerk
How do you get weighted average for accounts payable?
Weighted Average Accounts payable = Opening period accounts payable + closing period accounts payable divided by 2 Example: Opening Accounts payable = 10000 Closing accounts payable = 20000 Average = 30000/2 = 15000
