Accounts payable can be defined as a:
A)system of recording all financial transactions.
B)system that records all financial transactions between a patient and the dental practice.
C)system that records all monies the dental practice owes others.
D)method used to verify and classify all transactions.

Question

Quizplus · Accepted Answer

Accounts payable refers to the money that a dental practice owes to its vendors, suppliers, or service providers. It is a system that records and manages all the outstanding bills and payments to be made to others. It is a crucial element of a dental practice's financial management, as it ensures that the practice is paying its bills on time and keeping its credit score intact.

Accounts Payable Can Be Defined as A