Keyword Analysis & Research: accounts receivable vs payable

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Frequently Asked Questions

What are the responsibilities of accounts payable?

Responsibilities for Accounts PayableMaintain precise records of all vendor paymentsMonitor tax liabilities and ensure tax liabilities are paid on timeResponsible for paying and keeping record of all invoicesKeep track of all company credit card spending, and make payments on credit accountsAnalyze all accounts on a monthly, quarterly, and annual basis to ensure payment accuracyMore items...

Is accounts receivable an asset or liability?

Accounts receivable are an asset, not a liability. In short, liabilities are something that you owe somebody else, while assets are things that you own. Equity is the difference between the two, so once again, accounts receivable is not considered to be equity.

Are fees billed the same as accounts receivable?

While accounts receivable and accounting fees earned are distinct terms, both concepts may interrelate. For a public accounting firm, accounting fees earned remain accounts receivable -- or accounting fees receivable, to be more specific -- until the customer settles the debt.

Is accounts receivable an asset or revenue?

Accounts receivable is an asset to a firm as it is proof of future income. Unearned Revenue is a liability for a firm as it is proof of future work. It is recorded under current assets in the balance sheet of the firm. It is recorded in the balance sheet and when work is supplied, it is recorded in the income statement.

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