Gena Sanford (Digital Marketing Manager) (34 Points)
04 November 2020What is the difference between accrual and accounts payable? How can one distinguish these two?
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 04 November 2020
Respected Madam
Accrual Accounting means recording of transactions of a particular Business entity , weather Revenue or Expense , received , paid in Cash or not in a particular accounting period .
Accounts payable is liability to pay expense to Trade creditors . Carried forward to next accounting period not if paid in the particular accounting period .
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 04 November 2020
CAclubindia
