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Categories >> Accounting >> Accounting General


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What do you mean by the term Accounts Payables/ Receivables?
 Question Submitted By :: Accounting-General
I also faced this Question!!     Answer Posted By  
# 1
Both are exist when transactions made on credit instead of

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
# 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
# 3
Accounts Payables = you purchased from them on credit.
Accounts receivable= you sold them on credit
Is This Answer Correct ?    10 Yes 0 No
# 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

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