Accounting Dictionary - Accounting Terms & Definitions
A: Accounts Payable
Accounts Payable are amounts which are owed by a business to its suppliers for the goods and services acquired. Suppliers are included into the category of Creditors, since they finance acquisition of the business by the borrowed means.
Accounts Payable are attributed to the Liability class account and must be returned (paid back) within a certain period of time, which is agreed between the business and particular supplier.
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