account payable
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About Our Definitions: All forms of a word (noun, verb, etc.) are now displayed on one page.account payable
noun plural accounts payable
Definition of ACCOUNT PAYABLE
: the balance due to a creditor on a current account
First Known Use of ACCOUNT PAYABLE
1812
account payable
noun (Concise Encyclopedia)Any amount owed as the result of a purchase of goods or services on a credit basis. Although a firm making a purchase issues no written promise of payment, it enters the amount owed as a current liability in its accounts. Companies often incur this type of short-term debt in order to finance their inventories, especially in industries where inventory turnover is rapid. See also account receivable.
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All Words Near: account payable
Previous Word in the Dictionary: accounting machine
All Words Near: account payable
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