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It is the liability on an open account for the purchase of a commodity or service used in the regular course of business.

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โˆ™ 2007-10-18 15:27:26
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Related questions

What is accounts payable non trade?

Accounts payable non-trade is an entry that is made through a journal entry. Most accounts payable are trade and they are done through an accounts module that will automatically generate accounting entries.


Is an electricity account an example of a trade account payable?

No Electricity account is non-trade accounts payable as trade accounts payable are those suppliers only from which company purchase supplies for sale purpose.


Where does Trade accounts payable go balance sheet or income statement?

Trade payables, or accounts payable, are categorised under Current Liabilities in the balance sheet.


What is trade payable?

A trade payable is another term referred to as an account payable. Most companies have an accounts payable department responsible for making sure money is paid to other parties that the company received a service from.


Who is responsible for posting authorized credits to accounts payable?

Accounts Payable clerk


Is trade accounts payable a current liability?

Yes its a current liablity


Are creditors accounts payable or accounts receivable?

Accounts Payable


What causes accounts payable to increase or decrease?

When an item is purchased on credit accounts payable increases. For example if you purchase something for $250 on credit this is the entry to increase accounts payable. Purchases 250 Accounts Payable 250 When you pay for your purchases it will decrease accounts payable. Accounts Payable 250 Cash 250


How do you get weighted average for accounts payable?

Weighted Average Accounts payable = Opening period accounts payable + closing period accounts payable divided by 2 Example: Opening Accounts payable = 10000 Closing accounts payable = 20000 Average = 30000/2 = 15000


Are accounts payable accounts that you expect will be paid to you?

are accounts payable accounts that expect will be paid to u


Is accounts payable a liability or an expense?

Accounts Payable is a liability. Accounts receivable is an asset.


What type of account is accounts payable?

An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe".ALL payable accounts are liabilities no matter what they are for. Whether it is a bill payable, mortgage payable, note payable, wages payable, etc, they are all listed as a liability.


Is accounts payable a credit or debit?

Accounts Payable has a credit balance.


Is an accounts payable created when your company pays cash for a purchase?

An Accounts Payable is created when...


What is a subsidiary account for accounts payable?

the accounts payable account is on the general ledger and is generally comprised of many smaller vendor accounts which are listed and tracked separately in the "accounts payable subsidiary ledger". So each vendor would be a subsidiary account of the accounts payable ledger.


What does the accounts payable department do?

The accounts payable is part of a company's accounting department. Accounts payable makes payments to outside firms that supplies it with a service or product.


To increase the balance in an accounts payable ledger?

To increase the balance in an accounts payable ledger you credit the account.


What is the normal balance for accounts payable?

Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance


Is accounts payable a variable cost?

Yes Accounts payable is a variable cost.


How are a schedule of accounts payable prepared?

An accounts payable is a "Liability" account. Payable being the "key" word, meaning something you have to "Pay" or "Owe". ALL payable accounts are liabilities no matter what they are for. Whether it is a bill payable, mortgage payable, note payable, wages payable, etc, they are all listed as a liability. Rahul


Why increase in account payable is a source of funds?

An increase in Accounts Payable means that the company has received more invoices that are due for payment. account payable increase on trial balance.When an item is purchased on credit accounts payable increases. For example if you purchase something for $250 on credit this is the entry to increase accounts payable. Purchases 250 Accounts Payable.


What is payable liabilities in accounting?

Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the... Yes, Current Liabilities are liabilities that will be paid off in one year or less. Accounts payable is where you record such liabilities. If it's a payment that will be made in more than one year.


What is accounts payable considered on trial balance?

Accounts payable is a liability. All payable accounts are considered a liability because it is something you owe another person/company.


Should Accounts be capitalized in accounts payable?

Accounts Payable should be capitalized if using the phrase as a proper noun. If not then it does not need to be capitalized.


Where could one find an Accounts Payable Manager job?

There are a number of resources that one can use to find an Accounts Payable Manager job. For example, Workopolis, Career Builder, and the Accounts Payable Network all have information about Accounts Payable Manager jobs.