Accrued Expenses vs Accounts Payable - What is the Difference?

Accrued Expenses and Accounts Payable are both accounting terms for costs that have been incurred and recognised in the accounts but have not yet been paid. But while they appear to be the same thing, there are some differences.
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Timestamps:
00:00 Accrued Expenses vs Accounts Payable - What is the Difference?
00:08 Accrued Expenses vs Accounts Payable
01:13 Accrued Expenses vs Accounts Payable Trade Creditors
02:00 Accrued Expenses vs Accounts Payable
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Please note that Bullseyemoney is not a financial or tax adviser. Our videos are here to inform you and the information provided does not constitute financial, taxation, legal, business or other professional advice and should not be relied upon as such. Bullseyemoney is not liable or responsible for any financial, tax, legal, business or other decisions you make. If you are looking for advice, you should seek a suitable and qualified adviser.

[@tonia5364]

Love your videos. So clear and well narrated. Quick question... I'm a student so please excuse me if I am being daft but at 4:44 do you mean accrued expense not accrued revenue. Also, I though Accounts Payable was only for suppliers of goods that you are going to resell not for expenses. Why would the $5000 expense be in Accounts Payable?

[@marioopeno8787]

The explanation is as clear as the mirror

[@mohamedel-nabi8634]

Error noted - Iis an accrued expense and not accured income.