Difference between account payable and bills payable

Accounts payable refer to the current liability of a business or an organization. That is the unsettled payments in a business or an organization refers to Accounts payable. Bills payable refers to bills settled. In other words the paid and accepted recorded bills in a business or an organization refers to bills payable

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accounts payable consist of debtors & bills receivable,where as bills receivable is part of accounts receivable,if you have doubt plz check in Ratio analysis full fledged knowledge books

Accounts Payables & Bills Payable looks one and the same but the only difference here is Bill Payables talks about making payment to Vendors whereas Accounts payable deals with internal adjustments to Cost Centre & General Ledger Accounts.

Eg: Salaries Paid.
Bill payable says making payment to Vendor.
Accounts Payable would have its General Ledger account and they would book this amount to the respective expense account.