Keyword Analysis & Research: payable

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Frequently Asked Questions

What is the definition of payable?

pay·a·ble (pā′ə-bəl) adj. 1. Requiring payment on a certain date; due. 2. Requiring payment to a particular person or entity. 3. Capable of producing profit: a payable business venture. n. A debt that is owed to a creditor: tried to balance inventory, payables, and receivables.

What does payable mean in accounting?

"Accounts payable" (AP) is a term that refers to the money that a person or business must pay to its creditors within a certain period of time. It is the unpaid invoices, bills or statements for goods or services rendered by outside contractors, vendors or suppliers.

Are payables a liability?

A liability is an obligation and it is reported on a company's balance sheet. A common example of a liability is accounts payable. Accounts payable arise when a company purchases goods or services on credit from a supplier. When the company pays the supplier, the company's accounts payable is reduced.

What are examples of accounts payable?

They generally are due within 30 to 60 days of invoicing, and businesses are usually not charged interest on the balance if payment is made in a timely fashion. Examples of accounts payable include accounting services, legal services, supplies, and utilities.

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