accounts payable: Often abbreviated as A/P. Accounts payable are the amounts your company owes to vendors. At any given time, it’s your company’s outstanding, unpaid bills.
accounts receivable: Often abbreviated as A/R. Accounts receivable are the amounts due to your company from customers and other debtors.
accrual method of accounting: Under the accrual method, your company books a sale when you make it, even if the money has not been received. Your company records expenses when you receive the products or services even if you have not paid for them. The other accounting method is the cash method.
asset: Anything of value that your company owns. It can be tangible, like property or equipment, or intangible, such as intellectual property. ...
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