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TeachMeFinance.com accounts payable -- amounts recorded as liabilities on the books of a company, institution or individual that are owed, but have not yet been paid, to a creditor for previously purchased merchandise or services. another definition... Accounts Payable -- A current liability representing the amounts owed to creditors for merchandise or services purchased on open account or short-term credit. another definition... Accounts Payable -- Money that is due on open account to creditors for good and services. One indication of sound daily financial management is the balance between accounts payable and purchases. historic definition... Account payable -- An account which stands as a debit and to close which payment must be made. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.