What is account payable? How we pass the entries in account payable and related all the question based on account payable?

Correct Answer: Accounts Payable is a short term liability of an organization It's a process by which a company buys goods and services on credit and is billed in the form of an invoice, which states the terms and conditions of the payment Accounts Payable is recorded as a current liability in the balance sheet All accounts paayble entries are to be coded under the right G/L accounts to have an accurate picture of the company's short term liability