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Saturday, December 19, 2009

Principles of Accounts - Which is right?

Secondary school's Principles of Accounts textbook uses Creditors (XXX) instead of Accounts Payable, and Debtors (YYY) instead of Accounts Receivable in their balance sheets. So which is right?

I am 100 per cent sure A/P and A/R are correct since they are used in real corporate financial statements. However, creditors and debtors are not wrong too since they are used in GCE 'O' Levels textbook and guidebooks.


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