What is the definition of Payable? π π
(in the plural) Debts owed by a business; liabilities.
Alright class, settle down and letβs take a look!
Today weβre tackling a word that might seem a little tricky, βpayable.β The dictionary gives us a good start β it tells us it's about debts and liabilities. But what does that πreallyπ mean?
Letβs break it down with a little rhyme:
βPayableβ means something you need to
pay
,
Like bills you owe, come what may!
A business has debts, a financial plea,
And those debts are 'payable,' for all to see.
Think of it like this: a store might sell you goods, and then you owe them money β thatβs a liability. Or perhaps a company needs to pay back loans they've taken out.
Essentially, βpayableβ describes anything that πmustπ be settled with payment. It's about fulfilling an obligation, a debt thatβs due.
Key takeaways:
π It relates to
debts
.
π It signifies
liabilities
β something a business owes to others.
π It means needing to make a
payment
.
Do you have any questions? Let's discuss!