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Accounts Receivable = money owed to YOU by another person or company
Accounts Payable = Money YOU OWE to another person or company
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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.
Are creditors accounts payable or accounts receivable?
Accounts Payable
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
What type of accounts are accounts receivable and accounts payable?
real accounts
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 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.
Are creditors accounts payable or accounts receivable?
Accounts Payable
Is accounts payable a liability or an expense?
Accounts Payable is a liability. Accounts receivable is an asset.
What type of accounts are accounts receivable and accounts payable?
real accounts
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 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.
When paying on credit is that classified as accounts payable or receivable?
account payable
What are the two general ledger accounts that may act as control accounts for a subsidiary ledger?
accounts receivable and accounts payable
What are the three major business activities in accounting?
accounts payable, accounts receivable and taxes.
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 is the allowances doubtful account receivable?
accounts payable
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
