Accounts payable

{
  "id": "MLC-T-LAW-000315",
  "term": "Accounts payable",
  "field": "Law",
  "definition": "The total amount of short-term financial obligations a company owes to its vendors, suppliers, and other creditors for goods and services purchased on credit. These are debts that must be paid within a specific period to avoid default. On a company's balance sheet, accounts payable is recorded as a current liability, reflecting the firm's immediate financial commitments and distinguishing it from notes payable, which are debts documented by formal written agreements.",
  "url": "https://mlchart.com/terminology/law/accounts-payable/"
}