Also known as Accounts Payable (see listing under ‘A’). It is an accounting term for money which a business owes to a supplier of a product or service that the business has obtained on short-term credit. An accounts payable entry will normally be listed on a balance sheet under the heading of ‘current liabilities’. In larger organisations, ‘accounts payable’ may refer to an individual or department dedicated to handling payment to suppliers and other creditors.

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