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Accounts Payable. Money a business owes to its suppliers, vendors, or creditors for goods or services bought on credit; considered a short-term debt. Accounts payable is a crucial concept for any business operating with credit—every time a business purchases from a supplier on credit, an accounting entry is made in accounts payable.
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noun Definition of accounts plural of account 1 as in chronologies a relating of events usually in the order in which they happened newspaper reporters must strive to provide an accurate account of what happened Synonyms & Similar Words Relevance chronologies histories records stories versions reports memoirs chronicles narratives diaries
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Simply put, the bank account name is the name of the account holder, usually formatted as 'Firstname Surname', but can also include middle names or a middle initial. For business accounts, the account name the business name, while for sold traders it will be the name of the account holder.
