Account payable
Account payable (alternatively known as byby; hereinafter, the byby) is an mount owed to creditors that result from the purchase of goods or services on account -- a liability.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Accounts payable. Amounts owed to creditors that result from the purchase of goods or services on account -- a liability.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
