Asked by
Kalynn Haley
on Oct 15, 2024
Verified
Trade accounts payable (or accounts payable)are amounts owed to suppliers for products or services purchased on credit.
Trade Accounts Payable
Liabilities owed by a business to its suppliers or creditors for inventory or services received that are yet to be paid for.
Accounts Payable
Money owed by a business to its suppliers or creditors for goods and services received.
- Understand the definition and factors that constitute a liability.
- Identify and differentiate between various types of liabilities.
Verified Answer
ES
Learning Objectives
- Understand the definition and factors that constitute a liability.
- Identify and differentiate between various types of liabilities.