Which of the following best describes 'accounts payable'?

Accounts payable refers to the short-term obligations or debts that a business owes to its creditors for goods and services that have been received but not yet paid for. Being categorized as a liability account means it represents money that the company is obligated to pay in the future, reflecting the company's credit transactions. This is crucial for businesses as it impacts cash flow management and overall financial health.

The other options do not accurately describe accounts payable: it is not a debit account since it typically has a credit balance, nor is it a revenue account, which would track income earned by the company. Additionally, it does not represent assets held by the company, which would include cash, inventory, or equipment. Therefore, the definition of accounts payable as a liability account owed to creditors captures its role in business accounting and financial reporting perfectly.