March 4, 2010 
This entry was posted on Thursday, March 4th, 2010 at 7:53 pm and is filed under Accounting, Accounts Payable. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Being a student of business, there are several subjects I have to take. I had to study marketing, finance and accounting. I even had to study a bit of legal management. The most difficult subjects for me were the accounting subjects. The first subject involved basic journal entries. The accounts payable and accounts receivable were what we had to master the first semester.
The accounts payable column covers all products or services which the company had availed of but had not yet been paid for. Payments to suppliers, payments for products and raw materials fall under accounts payable. Rent, overhead cost, fees and other expenses also fall under accounts payable. I have to take a total of four accounting subjects and two finance subjects. I am sure that this knowledge will help me someday when I open my own business.