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please explain briefly about account receivables and
payables
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Answer / priyul
Account Receivables means sundry debtors.
Account Payable means sundry creditors.
Account Receivables : We have sold some goods & payment is
outstanding.
Accounts Payable : We have purchased goods & we have not
made payment yet.
| Is This Answer Correct ? | 15 Yes | 0 No |
Answer / ravi ahuja
Accounts payable is the obligation that a business owes to
its creditors for buying goods or services. It is the
unpaid invoices, bills, or statements for goods or services
rendered by outside contractors, vendors or suppliers.
Accounts payable are sometimes referred to as "payables."
When someone pays his or her monthly utility, phone, cable
tv bills, or Internet service provider (ISP) bills, he or
she is in a sense paying off his or her accounts payable
obligations.
| Is This Answer Correct ? | 3 Yes | 0 No |
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