What is AR, AP, what transctions comes under this.
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Accounts Receivable is the money owed by the customers for goods or services bought on credit. A receivable account can be created by someone who sells goods or services and extends a line of credit to its customers.
Similarly Accounts payable is the obligation of a business that is originated because of purchases made on credit (e.g. for raw material, finished goods etc.), the money is yet to be paid for these transactions.
I found 2 good articles for you on this
http://www.accountingcapital.com/revenues/accounts-receivable/
or
https://en.wikipedia.org/wiki/Accounts_receivable
&
http://www.accountingcapital.com/expenses/accounts-payable/
or
https://en.wikipedia.org/wiki/Accounts_payable
Thanks!
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