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Categories >> Accounting >> Accounting General
 
 


 

 
 Audit interview questions  Audit Interview Questions (427)
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 Accounting General interview questions  Accounting General Interview Questions (2809)
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Question
What do you mean by the term Accounts Payables/ Receivables?
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
Both are exist when transactions made on credit instead of
cash.

Accounts Payable: Company/customer owes to the supplier
when goods or servies purchased on credit.

Accounts Receivable:money owed by the customer to another
entity in exchange of goods or services that have been
delivered or used, but not yet paid for. this will occur on
credit sales.
 
Is This Answer Correct ?    32 Yes 1 No
Ch.babu
 
Answer
# 2
the term accounts payables means sundry creditors. including creditors and trade creditor, the term is used in balance sheet but not individual.
the term accounts receivables means sundry debtors, sundry debtors includes both debtors and trade debtors the term is used in balance sheet but not individual.
 
Is This Answer Correct ?    13 Yes 3 No
Chandu
 
 
 
Answer
# 3
Accounts Payables = you purchased from them on credit.
Accounts receivable= you sold them on credit
 
Is This Answer Correct ?    10 Yes 0 No
Dinesh
 
Answer
# 4
The Total Credit purchases is Accounts payable / Sundry
Creditors, which appear in Liabilities side.

The Total Credit Sales is Accounts Receivables / Sundry
Debtors, which appear in Assets side.
 
Is This Answer Correct ?    8 Yes 0 No
S4sridhar@gmail.com
 

 
 
 
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