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Accounts Payable MCQs

What is the difference between Accounts Payable and Accounts Receivable?

Accounts receivable are amounts owed by the suppliers on account whereas the Accounts Payable are amounts owed to the customers on account.

Accounts receivable are amounts owed by the customers on account whereas the Accounts Payable are amounts owed to the suppliers on account.

Accounts receivable are amounts owed by the customers on account whereas the Accounts Payable are amounts owed to the bankers on account.

None of the above

Answer

Correct Answer: Accounts receivable are amounts owed by the customers on account whereas the Accounts Payable are amounts owed to the suppliers on account.

Explanation:

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