Accounts payable represents the overall sum that a business owes its suppliers on the basis of goods or services taken but not paid. It is cla###ified as a current liability in the balance sheet along with being a crucial part of cash transaction of a company. The efficient management of accounts payable enables a company to take good care of the relationship with vendors, enhance the payment of cash at the right time, and prevent any late fines. It is an essential part of budgeting and advises in following short-term debts thus it is an important concept to business wellness and oversight.
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Account payable is the total amount that a business gives to its vendor or suppliers for goods but its not paid.
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