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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. Accounts payable are recognized on the balance sheet when the company buys goods or services on credit. Accrued expenses are realized on the balance sheet at the end of a company's accounting period, when they are recognized by adjusting journal entries in the company's ledger.
Definition of 'accounts payable'. accounts payable in Accounting (ÉkaÊnts peÉªÉbÉl) or AP. noun. ( Accounting : Financial statements , Balance sheet ) A company's accounts payable are all the money that it owes to other companies for goods or services that it has received, or a list of these companies and the amounts owed to them. 1  On the liabilities side, the accounts payable to suppliers, wages payable to employees, and taxes payable are current liabilities.