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 Accounts Payable  |  Question 96 of 114    Print  
Difference between account payable and bills payable

  
Total Answers and Comments: 3 Last Update: August 18, 2008     Asked by: yallaiah.kanike 
  
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 Best Rated Answer
Submitted by: pankaj040
 
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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mortonmendez007
June 13, 2008 08:24:13   #1  
pankaj040 Member Since: June 2008   Contribution: 1    

RE: 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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July 13, 2008 22:46:17   #2  
Nishchint_2006 Member Since: July 2008   Contribution: 2    

RE: Difference between account payable and bills payable
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
 
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August 17, 2008 09:54:09   #3  
Gandhevi Member Since: August 2008   Contribution: 4    

RE: Difference between account payable and bills payable
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.

 
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