What is the difference between Accounts payable and Accounts receivable?

Question

Accepted Answer

Accounts payable is the amount owed by a company to its suppliers, while accounts receivable is the amount owed to a company by its customers.

Accounts payable represents the company's liabilities, while accounts receivable represents the company's assets.
Accounts payable is recorded as a liability on the balance sheet, while accounts receivable is recorded as an asset.
Accounts payable is related to the company's purchases and expenses, while accounts receivable is related to the company's sales and revenue.
Accounts payable is managed by the Accounts Payable department, while accounts receivable is managed by the Accounts Receivable department.
Example: If a company purchases goods from a supplier on credit, it will have an accounts payable to the supplier. On the other hand, if a company sells goods to a customer on credit, it will have an accounts receivable from the customer.

Accepted Answer

Accounts payable is money a business owes its suppliers and accounts receivable is money owed to the business.Accounts payable is a current liability; accounts receivable is a current asset.

Accepted Answer

Accounts receivable is the money your business brings in, while accounts payable is the money your business owes its suppliers and vendors.

Accepted Answer

Accounts payable refers to an account within general ledger that's represents to company obligations to pay of short term deft to it's creditors and suppliers but Accounts receivable refers to charges that suppliers ows your business.

What is the difference between Accounts payable and Accounts receivable?

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