Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A History Of Accountancy In The United States

Authors: Gary John Previts, Barbara Dubis Merino

98th Edition

0814207286, 978-0814207284

More Books

Students also viewed these Accounting questions

Question

Considering the discussion in Box

Answered: 1 week ago

Question

highlight how to collect and record interview and diary based data;

Answered: 1 week ago

Question

clarify the relationship between research, theory and practice;

Answered: 1 week ago

Question

evaluate the quality of your data;

Answered: 1 week ago