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account payable |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia | 0.04 sec. |
account payableAny amount owed as the result of a purchase of goods or services on a credit basis. Although a firm making a purchase issues no written promise of payment, it enters the amount owed as a current liability in its accounts. Companies often incur this type of short-term debt in order to finance their inventories, especially in industries where inventory turnover is rapid. See also account receivable. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| ? Mentioned in | ? References in periodicals archive | |
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Madsen remitted checks from FB's account payable to KCL, to
purchase insurance products. So Harry the publicist, a man with whom I play pool, softball and
an occasional hand of poker, announced he had the solution to that
ongoing account payable we call the Simpson case. Once Levine, Cooper accountants have the general ledger data on
their computers, they use another Prentice Hall product, Answers, to
perform more analytical functions such as calculating more than 100
standard ratios: the dollar amount of account payable versus turnover,
overhead costs to labor, cost to sales and additional ratios can be
added that are specific to certain industries. |
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