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Account Payable |
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A debt owed by a business that arises in the normal course of its dealings, that has not been replaced by a note from another debtor, and that is not necessarily due or past due. Bills for materials received or obligations on an open account may be accounts payable. This kind of liability usually arises from a purchase of merchandise, materials, or supplies. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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