Money collected from or owed by customers is called ________.
A)accounts payable
B)inventory
C)accounts receivable
D)sales order processing

Question

Quizplus · Accepted Answer

Accounts receivable refers to the money owed by customers to a business for goods or services that have been sold but payment has not yet been received. Accounts payable, on the other hand, refers to the money that a business owes to its suppliers or vendors. Inventory refers to the goods that a business has on hand to sell. Sales order processing is the system or process used by a business to receive and fulfill customer orders.

Money Collected from or Owed by Customers Is Called ________