Tell about Account payables

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Accepted Answer

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services purchased on credit.

Accounts payable is a liability on the balance sheet.
It represents the amount of money a company owes for goods or services received but not yet paid for.
Accounts payable is typically recorded when an invoice is received from a supplier.
It is an important aspect of managing a company's cash flow and working capital.
Examples of accounts payable include bills for utilities, rent, inventory purchases, and services rendered.
Managing accounts payable effectively involves timely payment to suppliers to maintain good relationships and avoid late fees.

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