Difference between revisions of "Accounts Payable"
| Line 1: | Line 1: | ||
[[Accounts Payable]] (alternatively known as [[Accounts Payable account]] or [[A/P account]]) is the [[ledger account]] that, after postings are complete, shows the total amount of money that the [[creditor]]s of the [[legal entity]] owe to this ''entity''. | [[Accounts Payable]] (alternatively known as [[Accounts Payable account]] or [[A/P account]]) is the [[ledger account]] that, after postings are complete, shows the total amount of money that the [[creditor]]s of the [[legal entity]] owe to this ''entity''. | ||
| + | ==Definitions== | ||
| + | According to [[College Accounting: A Practical Approach by Slater (13th edition)]], | ||
| + | :[[Accounts Payable]] (A/P). Unpaid supplier invoices and bills (that is money owed by the business to other businesses) are grouped under Accounts Payable - 'AP' for short - and are found on the balance sheet as a liability. Once a bill is paid it is removed from this group. | ||
==Related concepts== | ==Related concepts== | ||
*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]]. | *[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]]. | ||
| + | *[[Bookkeeping]]. Recording, filing, and retrieving of [[financial data]], as well as producing those [[financial report]]s that are required by laws. | ||
==Related lectures== | ==Related lectures== | ||
*[[Principles of Accounting]]. | *[[Principles of Accounting]]. | ||
| + | *[[Bookkeeping Quarter]]. | ||
| − | [[Category: International Accounting]][[Category: Articles]] | + | [[Category: International Accounting]][[Category: Articles]][[Category: Septem Artes Administrativi]] |
Revision as of 13:41, 12 July 2020
Accounts Payable (alternatively known as Accounts Payable account or A/P account) is the ledger account that, after postings are complete, shows the total amount of money that the creditors of the legal entity owe to this entity.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Accounts Payable (A/P). Unpaid supplier invoices and bills (that is money owed by the business to other businesses) are grouped under Accounts Payable - 'AP' for short - and are found on the balance sheet as a liability. Once a bill is paid it is removed from this group.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
