What does accounts payable mean?

To reflect the reality that some of your assets are spoken for by outside creditors or accounts, you would need to make an Accounts Payable to reflect the amount you owe to others. Accounts Payable is money owed to others (suppliers, credit cards, or loans). These payables may be broken out from a general AP account into particular ones for utilities, salaries or taxes. Long-term loans usually do not get mixed into the Accounts Payable and are classified in their own separate Notes or Mortgage Payable accounts.