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CoinRank Finance Dictionary : Accounts Payable

2023.10.17

Definition

Accounts payable is a comprehensive ledger that meticulously documents all outstanding and unpaid short-term financial obligations, specifically those with a maturity period of less than 12 months. This encompasses a variety of financial commitments, such as invoices for goods or services rendered, bills for utilities, and impending tax payments. The accounts payable record serves as a crucial component of a business’s financial management, offering a detailed overview of impending payment obligations that necessitate attention and settlement within the defined time frame. This systematic tracking system ensures that businesses maintain transparency and fiscal responsibility in managing their financial responsibilities.

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