1. What is the difference between Accounts Receivable and Accounts Payable?

A. Accounts Receivable is a current asset and Accounts Payable is a long term asset.

B. Accounts Receivable is income earned and not yet received while Accounts payable is expenses incurred and not yet paid.

C. Accounts Receivable is payments to be received by suppliers in the future and Accounts Payable are to be paid by customers to the company.

D. B and C above