________ are amounts owed to suppliers for products or services purchased on credit.

Credit Purchases

Transactions in which goods or services are bought now but payment is deferred to a later date.

Suppliers

Entities that provide goods or services to another company, often playing a critical role in the production process or supply chain.

Comprehend the principles and explanations of different liabilities and their impact on the functioning of businesses.

Verified Answer

Final Answer :

Trade accounts payable or Accounts payable

Learning Objectives

Comprehend the principles and explanations of different liabilities and their impact on the functioning of businesses.