Asked by Mahmoud Saleh on Apr 30, 2024
Verified
______ is the amount that customers owe to a company after receipt of items or services purchased.
A) Accounts payable
B) Accounts receivable
C) Accounts deferred
D) Accounts accrued
Accounts Payable
Money owed by a business to its suppliers.
- Distinguish between accounts payable and accounts receivable.
Verified Answer
MS
Martiana SanchezMay 01, 2024
Final Answer :
B
Explanation :
Accounts receivable is the amount that customers owe to a company after receipt of items or services purchased. Accounts payable is the amount that a company owes to its vendors or suppliers for goods or services received but not yet paid for. Accounts deferred and accounts accrued are not related to customer or vendor transactions.
Learning Objectives
- Distinguish between accounts payable and accounts receivable.
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