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How can one distinguish between accrual and accounts payable? How are these two different from one another?
Accruals are revenue or expenses yet to be earned or spent.
Accounts payable are debt to be paid for a service or product already received, but not yet paid.
Accrual is a concept of accounting wherein you record transaction when they occur and not wait for actual receipt or payment. Whereas accounts payable are all those cases whom you have to pay money from your business. Usually they are for purchase or expenses but can be any person whom business owes money.
