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Accounts Payable
(redirected from Due and owing)

   Also found in: Dictionary/thesaurus, Legal, Wikipedia 0.01 sec.
Accounts payable
Money owed to suppliers.

Accounts Payable
1. Money owed for a good or service purchased on credit. Accounts payable are a current liability for a company and are expected to be paid within a short amount of time, often 10, 30, or 90 days.

2. A unit within a company's accounting department that deals with accounts payable, managing credit lines, purchase orders, and audit reports.

accounts payable
Money a business owes to others. Accounts payable are current liabilities incurred in the normal course of business as a firm purchases goods or services with the understanding that payment is due at a later date. If a firm pays cash for all of its purchases, no accounts payable will appear on that firm's balance sheet.

Accounts Payable (AP)

What Does Accounts Payable (AP) Mean?

An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors; it is found on the balance sheet under current liabilities. Accounts payable often are referred to as “payables.” AP also may refer to a business department or division that is responsible for making payments owed by the company to suppliers and other creditors.

Investopedia explains Accounts Payable (AP)

Accounts payable debts must be paid off within a specific period to avoid default. For example, at the corporate level, AP refers to short-term debt payments to suppliers and banks. However, APs are not limited to corporations. People also have APs owed to creditors. For example, the phone company, the gas company, and the cable company are types of creditors. Each creditor provides a service and then bills the customer after the fact. The payable is essentially a short-term IOU obligation of the customer. If people or companies do not pay their bills, they are considered to be in default.

Related Terms:
Accounts Receivable
Balance Sheet
Current Liabilities
Liability
Receivables Turnover Ratio



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46 in late fees The bank notes that: "Barnett is liable for the full payment of all accrued and unpaid interest, including payment of any deficiency between the amount finally adjudged to be due and owing on the consolidated mortgage and the amount realized from the foreclosure sale or sales of the mortgaged property, up to the amount of the guaranteed interest payments, for which a deficiency judgment is being sought by this action against Barnett.
2/19/08), the Sixth Circuit held that the check-the-box regulations were a valid exercise of Treasury's authority and that, because the taxpayer failed to elect to have his limited liability companies (LLCs) taxed as corporations, he was individually liable for the employment taxes due and owing from those LLCs.
[ILLUSTRATION OMITTED] The second, and more important, requirement on the part of the employer is to deduct the amounts outlined in the Notice from any moneys due and owing to the employee and to pay them to the appropriate office.
 
 
 
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