What is the term for the amounts owed for goods and services received?

The term for the amounts owed for goods and services received is "accounts payable." This is a critical concept in accounting and finance that refers specifically to liabilities that a business incurs when it purchases goods or services on credit. When a company receives goods or services but has not yet paid for them, this amount is recorded as accounts payable on the balance sheet, reflecting the company's obligation to pay its creditors.

Accounts payable is classified as a short-term liability because these amounts are typically expected to be settled within a year. Managing accounts payable effectively is essential for maintaining good relationships with suppliers and ensuring cash flow is managed properly for operational needs.

The other options represent different financial concepts. Accounts receivable, for instance, pertains to amounts that a company is owed by its customers for services rendered or goods sold on credit, which clearly contrasts with the obligation aspect of accounts payable. Revenues refer to the income generated from normal business operations, while current liabilities encompass various debts that are due within a year, of which accounts payable is just one component.