Final answer:
Accounts payable and accounts receivable are terms used in business and accounting to describe money owed and due to a business, respectively.
Step-by-step explanation:
Accounts payable and accounts receivable are terms used in business and accounting. Accounts payable refers to the money a business owes to its suppliers or creditors for goods or services received but not yet paid for.
On the other hand, accounts receivable refers to the money that a business is due to receive from its customers for goods or services provided but not yet paid for. These terms are important for tracking and managing the financial transactions of a business.