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Answer Posted / ammu
Money owed by customers (individuals or corporations) to
another entity in exchange for goods or services that have
been delivered or used, but not yet paid for. Receivables
usually come in the form of operating lines of credit and
are usually due within a relatively short time period,
ranging from a few days to a year.
On a public company's balance sheet, accounts receivable
is often recorded as an asset because this represents a
legal obligation for the customer to remit cash for its
short-term debts
An accounting entry that represents an entity's obligation
to pay off a short-term debt to its creditors. The accounts
payable entry is found on a balance sheet under the heading
current liabilities.
Accounts payable are often referred to as "payables".
Another common usage of AP refers to a business department
or division that is responsible for making payments owed by
the company to suppliers and other creditors.
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