What is meant by accounts payable?

Question

Accepted Answer

Accounts payable refers to the amount of money a company owes to its suppliers or vendors for goods or services received.

Accounts payable is a liability on the balance sheet.
It represents the company's short-term obligations to pay for goods or services.
It includes invoices, bills, and other payment obligations.
Accounts payable is typically recorded when goods or services are received, but payment has not yet been made.
Examples of accounts payable include utility bills, inventory purchases, and professional services.
Managing accounts payable involves tracking and processing invoices, ensuring timely payments, and maintaining good relationships with suppliers.

Accepted Answer

Accounts payable are amount which is due to vendor or suppliers for goods & services purchased on credits

Accepted Answer

Accounts payable are amount due to vendors or suppliers or customers for goods and services received that have not yet been paid so for.

Accepted Answer

Accounts payable are amount due to vendors or suppliers for goods or services received that have not yet been paid for

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