__________records sums owed to the organization and by whom.
A)Accounts payable
B)Accounts receivable
C)Accounts programmable
D)Accounts writable

Question

Quizplus · Accepted Answer

Accounts receivable is the record of sums owed to the organization by its customers or clients. It represents money that the organization is expecting to receive in the future. Accounts payable, on the other hand, is the opposite - it records sums owed by the organization to its suppliers or vendors for goods or services received but not yet paid for. Accounts programmable and writable are not common accounting terms.

__________Records Sums Owed to the Organization and by Whom