what do you mean by Accounts payable
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Answer Posted / nagaraj goud
An accounting entry that represents an entity's obligation
to pay off a short-term debt to its creditors. The accounts
payable entry is found on a balance sheet under the heading
current liabilities.
Accounts payable are often referred to as "payables".
Another common usage of AP refers to a business department
or division that is responsible for making payments owed by
the company to suppliers and other creditors
Accounts payable are debts that must be paid off within a
given period of time in order to avoid default. For
example, at the corporate level, AP refers to short-term
debt payments to suppliers and banks.
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