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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ECONOMIC RESOURCES is the profitable extraction or production, under defined investment assumptions, of returns that are analytically demonstrable or can be assumed with reasonable certainty.

STOCK CONTROL ACCOUNT reflects the total amount or value of all stock items. The balance of each of the individual stock item ledger accounts or records must equal the total of the stock item list, which represents the amounts or value of the individual stock items obtained from the individual balances in the various subsidiary ledger accounts for each stock item. This subsidiary ledger is known as the stock item ledger.

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