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What is the definition of Accounts Payable in accounting?
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What is accounts payable? Definition of accounts payable is the money that the firm owes its suppliers for supplying the firm through credit. You might wonder what accounts payable definition is, and it refers to invoices that have not been paid and which need to be paid by the agreed payment terms. Accounts payable definition is associated with management of business debts and accurate financial record keeping. Proper handling of all accounts payable will ensure no delay in making payments. An efficient accounts payable system will help businessmen to make proper financial plans.
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