What is P2P? Golden rules of accounts with examples? What is invoice? What is the Life cycle accounts payable? Difference between accounts and finance?

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P2P is Procure-to-Pay, a process of purchasing goods and services and paying for them. Accounts and finance are different but related.

Golden rules of accounts are Real, Personal, Nominal, Debit what comes in, Credit what goes out.
Examples of Real accounts are land, building, machinery. Personal accounts are accounts of individuals, firms, companies. Nominal accounts are accounts of expenses, losses, gains.
An invoice is a document that lists the goods or services provided and the amount due for payment.
The life cycle of accounts payable includes invoice receipt, invoice verification, invoice approval, payment processing, and reconciliation.
Accounts refer to the recording, classifying, and summarizing of financial transactions, while finance deals with the management of money and investments.
Example of accounts is maintaining a ledger, while finance involves making investment decisions.

What is P2P? Golden rules of accounts with examples? What is invoice? What is the Life cycle accounts payable? Difference between accounts and finance?

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