Understanding Accounting: Accounts Payable Function
Source: Money Instructor
The accounts payable function of accounting is an area that requires close monitoring and accurate record keeping, unless you'd like to pay for things you don't receive. Everything that you purchase in the course of operating your business is termed an "Account payable". How you choose to pay for that merchandise, may vary. Some small items are paid for as they are purchased, and listed in an area known as miscellaneous expense.