What is the actual Meaning of Account Receivable and Payable and Their Works?

Accounts Receivable are called assets or amount of money to be paid by clients for the company that are giving finished products or providing services to them while Accounts Payables are called liabilities or amount of money to be paid by the company to its supplier of materials and etc. In short, Account Receivables are additional money for the company while Account Payables are money to be deducted from the company.