What is accounts payable?

Question

Accepted Answer

Accounts payable is the amount of money a company owes to its suppliers or vendors for goods or services received but not yet paid for.

Accounts payable represents the company's short-term liabilities.
It is recorded as a current liability on the balance sheet.
Examples of accounts payable include invoices from suppliers, utility bills, and employee expense reimbursements.
Accounts payable is an important aspect of managing cash flow and maintaining good relationships with suppliers.
It involves verifying and approving invoices, reconciling statements, and making timely payments.
Accounts payable can also include discounts for early payment or penalties for late payment.

Accepted Answer

Accounts payable are amount which is due to vendor or supplier goods and services purchase on credit. Sum of all the outstanding amount due to vendor are  called accounts payable or creditor.

What is accounts payable?

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