Keyword Analysis & Research: accounts payable definition business

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What is accounts payable and why does it matter?

Accounts payable is a liability account that business managers use to keep track of payments the organization owes. The cash accounting method recognizes revenue when a company receives payment. Under cash accounting, expenses are also recognized when payments against liabilities are made.

What are the basics of accounts payable?

"Accounts payable" (AP) is a term that refers to the money that a person or business must pay to its creditors within a certain period of time. It is the unpaid invoices, bills or statements for goods or services rendered by outside contractors, vendors or suppliers. These debts often must be paid — either partially or in full — each month.

What are some examples of accounts payable?

Accounts payable is a current liability account that keeps track of money that you owe to any third party. The third parties can be banks, companies, or even someone who you borrowed money from. One common example of accounts payable is a mortgage payable.

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