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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 is the meaning of accounts payable?
Accounts payable ( AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents.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.