ACCOUNTS PAYABLE Definition

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ACCOUNTS PAYABLE (AP) are trade accounts of businesses representing obligations to pay for goods and service received.

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ADMINISTRATIVE RECEIVER is an Insolvency practitioner appointed when a company goes into receivership (work out). A company may go straight to administrative receivership, presided over by an administrative receiver, usually known simply as the receiver.

PETTY CASH, normally, is an account and location where tangible cash is stored for usage in purchasing or the reimbursing of inexpensive out-of-pocket expenditures.

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