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Accounts Payable (AP)

Amounts a business owes its suppliers for goods or services already received but not yet paid for.

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Related terms

  • Advance Ruling (GST)

    A binding ruling obtained from the GST Authority for Advance Rulings on the applicability of GST to a specific transaction before it is undertaken.

  • Adverse Opinion

    An opinion stating that the financial statements do not give a true and fair view, issued when misstatements are both material and pervasive.

  • Annual Return (Form MGT-7)

    A yearly filing with the Registrar of Companies containing particulars of the company's shareholding, directors and other statutory information as at the close of the financial year.

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231 terms in total, or go deeper with working procedures and worked examples in the resource library.

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