what is difference between account payable and bills payable

what is bills receivable

Asked on: Apr 2nd, 2007

    Showing 1 - 8 of 8 Ans

    Answered On. May 5th, 2007

    Accounts payable refer to the current liability of a business or an organization. That is the unsettled payments in a business or an organization refers to Accounts payable. Bills payable refers to bills settled. In other words the paid and accepted recorded bills in a business or an organization refers to bills payable

    One and same.

    Answered On. Apr 12th, 2008

    Accounts payable: A debtor's accounts of money he owes; normally arise from the purchase of products or services. & Bills payable: Bill means (An itemized statement of money owed for goods shipped or services rendered). The outstanding bills (like for instance utility bills etc) yet to be paid. What I feel is that the nature of both the accounts in terms of their treatment would be the same; as; both are Current liabilites yet to paid, think about "payable" & "paid" feel the difference. Got it. -)

    If the bill is to be paid directly to the

    customer it is bill payable and if the transaction is through bank then it is account payable.

    No you are not totally right.

    Answered On. Apr 13th, 2015

    ACCOUNTS RECEIVABLES is nothing but sundry debtors that is outstanding amount receivable from from customers and clients where we have rendered some service or invoice in from of sale either on cash or credit basis, where as accounts payable means sundry creditors where we are liable to pay the amount that is in from of purchase paid by the company purchased under credit basis based on the credit period given.

    Answered On. Apr 13th, 2015

    Accounts payable is the department pertaining to a group of vendors / suppliers from whom we are purchasing the goods /services and returning of credit amount or process of returning the credit amount for the purchase made by the company. bills payable is nothing but amount payable against the no.of bills /each bill against the particular company or vendor.

    Accounts payable means a group of vendors/suppliers from whom we are purchasing goods and services and returning of credit amounts.

    Source: www.geekinterview.com

    Category: Bank

    Similar articles: