Question

briefly explain the following basic accounting
terms
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Answer 1

Explanation:

Accounts Payable – Accounts Payable are liabilities of a business and represent money owed to others. ... Accounts Receivable – Assets of a business and represent money owed to a business by others. Accrual Accounting – Records financial transactions when they occur rather than when cash changes hands.

Answer 2

Explanation:

Accounts Payable – Accounts Payable are liabilities of a business and represent money owed to others. ... Accounts Receivable – Assets of a business and represent money owed to a business by others. Accrual Accounting – Records financial transactions when they occur rather than when cash changes hands