Account Payable Test Free. Accounts Payable Practice Quiz Questions with Test. If you have difficulty answering the following questions, learn more about this topic by reading our Accounts Payable (Explanation).
Accounts payable is an account within the general ledger representing a company's obligation to pay off a short-term debt to its creditors or suppliers.
Accounts payable (also known as creditors) are balances of money owed to other individuals, firms or companies.
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These are short term obligations which come into existence when a sole proprietor, firm or company purchases goods or services on account. Accounts payable is usually one of the more important audit areas. Accounts payable (A/P) is the money you owe vendors who have provided you with goods and/or services on credit.
