Difference between accounts payable and receivable, Debit and credit note, Real, nominal account Accounts Payable cycle

Question

Accepted Answer

Accounts payable is money owed by a company to its suppliers, while accounts receivable is money owed to a company by its customers.

Accounts payable refers to the money a company owes to its suppliers for goods or services received.
Accounts receivable refers to the money owed to a company by its customers for goods or services provided.
Debit note is a document issued by a buyer to a seller to request a credit against an overpayment or return of goods.
Credit note is a document issued by a seller to a buyer to reduce the amount owed due to an error or return of goods.
Real accounts are accounts that represent assets, liabilities, or equity and have a tangible existence.
Nominal accounts are accounts that represent revenues, expenses, gains, or losses and are temporary in nature.
Accounts Payable cycle refers to the process of receiving, verifying, and paying invoices from suppliers.

Accepted Answer

Accounts payable are amount , which id due to vendor or supplier for goods & services purchased or credits.

Accounts Receivable is money that a company has a right to receive because its had provide goods & services to its customers

Debit Note is issued where there is purchase return of goods and its issued by buyer. for example short fall of goods , defected goods .

Credit Note is issued where there is sale return of goods and its issued by seller. for example Defect in goods or wrong delivery of goods..

Nominal Accounts type of accounts that is maintained to record monitoring transactions of specific accounting year .

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