Accounting System, Account Number, Accounts Payable, Accounts Receivable




Accounting System, Account Number, Accounts Payable, Accounts Receivable :





Accounting System : The personnel, equipment and all the other means involved to record the financial transactions of an organisation


Account Number : A numeric or alphanumeric number allotted to an account for easy reference : Generally, a particular series represents a type of account, such as 1000 for Expense, 2000 for Income and numbers within the series represent subsets, as 1100 for Supplies and 1200 for Utilities : The number designed to the company’s accounts referred by vendors or services such as a bank account


Accounts Payable : A term assigned to the accounts of the suppliers of goods or services


Accounts Receivable : A term assigned to the accounts of those to whom the company sells its goods or services





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