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💰 Accounts Payable (AP)
Accounts Payable (AP) is an accounting term that refers to the money a business owes to its suppliers or vendors for goods or services that have been received but have not yet been paid for.
In simple terms, AP represents the debts a company incurs when purchasing items on credit (e.g., buying raw materials, inventory, office supplies, or hiring a service provider with a payment term of Net 30 or Net 60).
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