Briefly explain why it is important for a company to track accounts payable and how accounts payable reports can assist with tracking accounts payable.
What will be an ideal response?
In order to make certain that a company pays its bills when due to maintain favorable credit, it is important a company track accounts payable. Accounts Payable reports provide information to track amounts owed vendors. An Accounts Payable Aging report summarizes accounts payable balances by the age of the account. This report helps to track how much is owed vendors and when amounts are due, including the age of past due bills.
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a. True b. False Indicate whether the statement is true or false
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