Accounting back, what is the difference between accounts payable and follow-up payable?
I enjoy read the definition only do not see a full lot of difference.
Also what does GAAP stand for?
Thanks so much.
Answers:
Accounts payable are amounts due to vendor contained by the conventional course of business, such as for rent and utilities, supplies, and the similar to. A transcribe payable represents a loan which bear interest, usually secured by something resembling equipment. A virtuous example of this would be when you buy a saloon and are making payments...you own a document payable to the edge, and the make a note of have a stated rate of interest and fixed monthly payments. A file may or may not enjoy fixed monthly payments, the jargon could rise and fall.
GAAP stands for Generally Accepted Accounting Principles, which are the standards that must be followed by public companies in preparing their financial statements. What they are instruction you contained by your accounting courses is GAAP. There are other basis of accounting, such as the bread principle, that are not GAAP.
GAAP = Generally Accepted Accounting Principles.
Accounts Payable are bills owed to vendor close to the phone bill, rent, etc.
Notes Payable are bills that tend to own a due date of over a year from presently. A loan from a guard would be an example.
GAAP - Generally Accepted Accounting Principles.
Accounts payable would be close to a bill you recieved from a peddler. When you journal the bill you typically will text the service or item your individual billed for as an expense or asset approaching inventory sour set next to an AP entry. When you stir to income the bill your going to subtract the salary from your cash/bank justification and after lower your Accounts Payables. Accounts payable is a agency to show the money still owed for Expenses and Assets already record.
A details payable is a liablity, in recent times approaching your Accounts Payable, but typically refers to some type of loan or structured debt. These can be clasified as Shortterm or longterm depending on when the file is suppose to be repaid.
Notes payable are typically for money or loans that you borrowed and presently requirement to repay. Accounts payable are typically for produce and services you bought and requirement to discharge for.
GAAP stands for - Generally Accepted Accounting Principles
Hope this help.
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Also what does GAAP stand for?
Thanks so much.
Answers:
Accounts payable are amounts due to vendor contained by the conventional course of business, such as for rent and utilities, supplies, and the similar to. A transcribe payable represents a loan which bear interest, usually secured by something resembling equipment. A virtuous example of this would be when you buy a saloon and are making payments...you own a document payable to the edge, and the make a note of have a stated rate of interest and fixed monthly payments. A file may or may not enjoy fixed monthly payments, the jargon could rise and fall.
GAAP stands for Generally Accepted Accounting Principles, which are the standards that must be followed by public companies in preparing their financial statements. What they are instruction you contained by your accounting courses is GAAP. There are other basis of accounting, such as the bread principle, that are not GAAP.
GAAP = Generally Accepted Accounting Principles.
Accounts Payable are bills owed to vendor close to the phone bill, rent, etc.
Notes Payable are bills that tend to own a due date of over a year from presently. A loan from a guard would be an example.
GAAP - Generally Accepted Accounting Principles.
Accounts payable would be close to a bill you recieved from a peddler. When you journal the bill you typically will text the service or item your individual billed for as an expense or asset approaching inventory sour set next to an AP entry. When you stir to income the bill your going to subtract the salary from your cash/bank justification and after lower your Accounts Payables. Accounts payable is a agency to show the money still owed for Expenses and Assets already record.
A details payable is a liablity, in recent times approaching your Accounts Payable, but typically refers to some type of loan or structured debt. These can be clasified as Shortterm or longterm depending on when the file is suppose to be repaid.
Notes payable are typically for money or loans that you borrowed and presently requirement to repay. Accounts payable are typically for produce and services you bought and requirement to discharge for.
GAAP stands for - Generally Accepted Accounting Principles
Hope this help.