what is the definition of accounts payable?

Question

it should be related to banking

Answer 1

In accounting, accounts payable are debts resulting from purchasing assets or receiving services on credit or on an open account. You have accounts payable when you have not yet paid for the assets or services you have received.

Also Known As: A current liability on your balance sheet.
Examples: Money that you owe to your suppliers and other creditors will be recorded as transactions in the account payable ledger.

Banking Accounts Payable

Accounts Payable
A list of a firm?s current business debts or liabilities that must be paid in the future (usually within 1 year.)

Answer 2

In General Terms, Accounts payable is basically for the Items purchased by the Company on Credit for a specific Terms.
The Accounts Payable appears as sub head under Current Liability in Balance Sheet.

In simple words - Money owed by a business for goods or services received.


In terms of Banking, Accounts Payable means the payee in whose account the money is deposited by the accounts holder of the bank.

Answer 3

# The amount owed to creditors for goods and services. Analysts look at a company's relationship of accounts payable to purchases for indications of sound financial management.
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# The amount owed by a business to its suppliers or vendors.
www.marketcom123.com/clients/Morgan/html/glossary.html

# A type of short-term debt, accounts payable are amounts a business owes - bills from suppliers for goods or services purchased on credit. Accounts Payable is classified as a Current Liability because the obligation is generally due within 12 months from the initial transaction date.
www.theaccountspayablenetwork.com/html/modules.php

# Amounts owed to others for goods and services received and assets acquired.
www.michigan.gov/budget/0,1607,7-157-11460_11541---,00.html

# represents what a business owes to its suppliers and other creditors at a given time.
cfdccariboo.com/glossary.htm

# Money which a company owes to vendors for products and services purchased on credit.
www.unisys.com/common/investors/glossary/

Answer 4

Accounts payable represents those liabilities other than deposits from public, banks. In other words, all liabilities arising out of non banking functions such as AGENCY,( such as issue of demand drafts and pay orders where the bank acts as agents ), the liability not belonging to the customers of the bank, ( where the amount received from persons who have not filled up the details correctly such as wrong account number etc), are examples of such account payable in the banking books.

Answer 5

Balance Amount which have to Pay