What is the difference between “accounts payable (AP)” and “accounts receivable (AR)”?

The following table specifies the differences between the “accounts payable (AP)” and “accounts receivable (AR):

Accounts PayableAccounts Receivable
The term Accounts Payable specifies the amount a company owes because it has purchased goods or services on credit from a vendor or supplier.The term Accounts Receivable amount a company has the right to receive because it has sold goods or services on credit to the customer.
Accounts payable is a form of liability.Accounts receivable is a form of asset.