Are Bills Payable Similar to Accounts Payable ?

Answer 1

A bill of exchange is a written instrument which:
(a) Contains an unconditional order whereby the drawer directs the drawee to pay a definite sum of money to the payee or to his order;
(b) Is payable on demand or at a definite time;
(c) Is dated;
(d) Is signed by the drawer,
and if a company has one, it is part of current liabilities, similar to a/cs payable. Bills payable are usually bank documents like trust receipts and have payment due dates. They are usually payable within 12 months, that's why they're under current liablilities. Notes payable, on the other hand, can be short-term or long-term. You have to read the terms of the note. Not all companies have bills payable or notes payable whereas almost all companies have accounts payable.

Answer 2

I work in A/P. B/P is synanomous with A/P, it's just another term for the short term liability

Answer 3

yes