Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 20 - No. 33)
What does 'accounts payable' represent?
Money owed by the business to its suppliers.
Money owed to the business by its customers.
Cash held in the business's bank account.
The owner's investment in the business.
Explanation
Accounts payable are liabilities; amounts owed to the suppliers of goods or services.
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