0
Accounts Receivable = money someone owes to you (you receive money in)
Accounts Payable = money you owe to someone else (you pay money out)
Add your answer:
Earn +20 pts
What are 'accounts receivables and accounts payables'?
Accounts Receivable are any invoices you have on your books that your customers still owe money for (credit). Accounts Payable are any invoices that your company needs to pay- bills, suppliers etc.
What are accounting processes that are readily performed by a computer?
payroll Inventory Control Receivables Payables Schedules
What accounts do you use to net payables with receivables?
None of the accounts are netted with each other. Both accounts are shown separately on the Balance Sheet.
Is bills payables a real account?
No, bills payables is not a real account but it is a personal account .My answer:Bills receivable is a real account. Bills receivable for one person is bills payble for another person. The same instrument cannot be Real for one person and personal for another. Hence, in my opinion Bills payable is also a real account.
What are bills receivables and bills payable?
ganta h bills payable dimag k ma mt chodo
What is stretching payables?
Paying bills as late as possible without damaging the firm's credit rating.
Who is an account clerk?
An accounting clerk can have many roles within an accounting department. A clerk can be responsible for receivables, payables, and billing. The clerk is usually the lowest ranking accounting position.
What are the subdivisions of owners equity?
the four subdivision of owner's equity are: Capitals Withdrawls Expenses Earnings (Revenues) DO NOT MISTAKEN ACCOUNT PAYABLES & RECEIVABLES AS BEING EXPENSES AND EARNINGS or REVENUES :)
What is a calculation that reports net income and then adjusts the net income amount by adding and subtracting items that are necessary to yield net cash provided by operating activities?
Net income is after deducting non-cash expenses such as depreciation and amortization. To determine net cash, these non-cash amounts must be added back: Net cash = Net income + depreciation + amortization In preparing financial statements, additional adjustments are necessary to account for changes in receivables, inventories, and payables that have occurred between the beginning and the end of the period in question. For example, a net decrease in a current asset such as receivables should be added back to net income, or a net increase in receivables should be subtracted from net income, to get net cash. The opposite is true for changes in payables or other current liabilities - add back a net increase in payables, or subtract a net decrease in payables.
What are The four subdivisions of owner's equity?
the four subdivision of owner's equity are: Capitals Withdrawls Expenses Earnings (Revenues) DO NOT MISTAKEN ACCOUNT PAYABLES & RECEIVABLES AS BEING EXPENSES AND EARNINGS or REVENUES :)
Matching in accounting means to make an entry in the journal is true or false?
Cash-basis accounting ignores all of the following except: A) payables. B) depreciation. C) receivables. D) expenses.
What are accounts receivables and accounts payables?
Accounts receivables are the money that is owed to a business, accounts payables are the invoices or bills that a company has incurred and must pay to their vendors or suppliers.A/R Accounts Receivables means that people owes you money, when you sell products or service and they have to pay in 30 days, 45 days, etc., So for example: If we sell $500 in goods or service and in the transition of 30 days, our A/R equals to $500. But if they pay in cash, our accounts receivable is $0, for accounts receivable definitionshttp://www.burtcollect.com/blog/accounts-receivable/Accounts Payable is the amount that you have on credit with another company. For Example let's say XYZ Company purchases a pallet of salt bags from ABC Company for $450 on credit. The XYZ Company would have have a Accounts Payable Account setup with ABC Company.
