need expalanation

October 6, 2006 6:21am CST
what is account payable?is it cr.balance or dr. balance.why? why most of bank need reconciliation statement at the end of ever financial year.pls explain me
1 person likes this
1 response
@Sweety76 (1596)
• India
16 Oct 06
In accounting, accounts payable are debts resulting from purchasing assets or receiving services on credit or on an open account. You have accounts payable when you have not yet paid for the assets or services you have received.