What is the difference between accounts payable and accrued expenses payable?

Question

Ruby Khan · Answer

Accounts Payable - When a company is liable to pay vendor/supplier for the service or goods they received is payables.

Accrued expense - Expense which is recognized before it gets paid and enters transactions in the books of accounts. ex: Bonus, salary, sick pay.

Muhammad Siddique Qureshi · Answer

Accounts payable are recognized on the balance sheet when the company buys goods or services on credit. ... On the other hand, accrued expenses are the total liability that is payable for goods and services that have been consumed by the company or received but not yet been billed

Gautam Mandal · Answer

Accounts payable is the total amount of debt the company has to pay to its creditors for goods or services bought on credit. On the other hand, accrued expenses is the total liability that is payable for goods and services that have been received but not been billed.

Soliman Abd ALmalak Gendy · Answer

We would use the Liabilitily accountAccounts Payable for suppliers, invoices that have been received and must be paid.
-We would use the Liabilitily account Accrued Expenses payable for the accrual type adjusting entries made at the end of the accounting period

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What is the difference between accounts payable and accrued expenses payable?

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