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Definition of Accounts payable
Acurrent liability on the balance sheet, representing short-term obligations
Amounts a company owes to creditors.
Amounts due to vendors for purchases on open account, that is, not evidenced
Amounts owed by the company for goods and services that have been received, but have not yet been paid for. Usually accounts payable involves the receipt of an invoice from the company providing the services or goods.
Money owed to suppliers.
Short-term, non-interest-bearing liabilities of a business
The number of days it would take to pay the ending balance
The account that records the short-term, noninterest-
In general, the time between cash disbursement and cash collection. In net working capital
Amount owed for salaries, interest, accounts payable and other debts due within 1 year.
Current means that these liabilities require payment in
This is typically the accounts payable, short-term notes payable, and
A relatively small percent increase or decrease in
Related: accounts payable.
A journal used to record the transactions that result in a credit to accounts payable.
‘Buckets’ within the ledger, part of the accounting system. Each account contains similar transactions (line items) that are used for the production of financial statements. Or commonly used as an abbreviation for financial statements.
Money owed by customers.
Amounts owed to a company by customers that it sold to on credit. Total accounts receivable are usually reduced by an allowance for doubtful accounts.
Amounts owed to the company, generally for sales that it has made.
Short-term, non-interest-bearing debts owed to a
A current asset on the balance sheet, representing short-term
Amounts due from customers for sales on open account, not evidenced
Money owed to a business for merchandise or services sold on open account.
Accounts Receivable Days (A/R Days)
The number of days it would take to collect the ending
Accounts receivable turnover
The ratio of net credit sales to average accounts receivable, a measure of how
accounts receivable turnover ratio
A ratio computed by dividing annual
Accrued expenses payable
Expenses that have to be recorded in order for the financial statements to be accurate. Accrued expenses usually do not involve the receipt of an invoice from the company providing the goods or services.
Allowance for doubtful accounts
A contra account related to accounts receivable that represents the amounts that the company expects will not be collected.
Allowance for Doubtful Accounts
An estimate of the uncollectible portion of accounts receivable
Average age of accounts receivable
The weighted-average age of all of the firm's outstanding invoices.
Balance of Payments Accounts
A statement of a country's transactions with other countries.
Amounts owed by the company that have been formalized by a legal document called a bond.
Chart of accounts
A listing of all accounts used in the general ledger, usually sorted in
Discounting of Accounts Receivable
Short-term financing in which accounts receivable are used as collateral to secure a loan. The lender does not buy the accounts receivable but simply uses them as collateral for the loan. Also called pledging of accounts receivable.
The amount of interest that is owed but has not been paid at the end of a period.
Special accounts where you can save and invest, and the taxes are deferred until money
Amounts that have been loaned to the company and that it still owes.
National Income and Product Accounts
The national accounting system that records economic activity such as GDP and related measures.
Amounts owed by the company that have been formalized by a legal document called a note.
Payable through drafts
A method of making payment that is used to maintain control over payments made
Payroll taxes payable
The amount of payroll taxes owed to the various governments at the end of a period.
The accounts found on the Balance Sheet; these account balances are carried forward for the lifetime of the company.
Provision for Doubtful Accounts
An operating expense recorded when the allowance for
Salaries that are owed but have not been paid at the end of a period.
The accounts found on the Income Statement and the Statement of Retained Earnings; these accounts are reduced to zero at the end of every accounting period.
Unbilled Accounts Receivable
Revenue recognized under the percentage-of-completion
Monetary / non-monetary method
Under this translation method, monetary items (e.g. cash, accounts
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