Question

What is the difference between accounts payable and accounts receivable?

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Answer 1

Accounts payable represents money that your business owes to suppliers, accounts receivable represents money owed to your business by customers.

Step-by-step explanation:

Answer 2

Accounts payable - Accurately tracking what's owed to suppliers, ensuring payments are properly approved and processing payments.

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Accounts receivable - The balance of money due to a firm for goods or services delivered or used but not yet paid for by customers.