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AP days represent the number of days a company has to pay off its accounts payable balance. For example, 30 AP days would mean the company has 30 days to pay the vendor. Are accounts payable a ...
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A chart of accounts is usually created for an organization by an accountant and available for use by the bookkeeper. Each account in the chart of accounts is typically assigned a name. Accounts may also be assigned a unique account number by which the account can be identified.
A ledger account is created for each account in the chart of accounts for an organization and is classified into account categories, such as income, expense, assets, liabilities, and equity; the collection of all these accounts is known as the general ledger.
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