payablesliabilities
Payables and liabilities are financial obligations that a business owes to outside parties. Payables, commonly referred to as accounts payable, are amounts due to suppliers for goods or services that have been received but not yet paid. Liabilities is a broader category that includes all present obligations arising from past events, the settlement of which is expected to result in an outflow of resources. Liabilities are typically classified as current (due within one year) or noncurrent (due after more than one year).
Examples include accounts payable, notes payable, wages or salaries payable, taxes payable, interest payable, accrued expenses,
Recognition and measurement: a liability is recognized when there is a present obligation resulting from a
Management aspects: Effective payables management supports liquidity and working capital management. Practices include negotiating favorable payment