Total of bills owed by the practice is called what?

• A. Aging schedule
• B. Credit
• C. Accounts payable
• D. Posting

Answer: (C)

Accounts payable is the total amount a medical practice owes to vendors for goods and services that have been received but not yet paid. It’s a current liability shown on the balance sheet and represents obligations due in the near term. The aging schedule, while related, is a report that categorizes these outstanding bills by how long they’ve been unpaid and helps manage payments, not the total itself. “Credit” is a general ledger term for entries that increase liabilities or revenue, and “posting” is the act of recording transactions in the ledger. Therefore, the total bills owed corresponds to accounts payable.