Outstanding expenses and Provision for any expense will come under liability s

Outstanding expenses and Provision for any expense will
come under liability side...?

Though it is basic question, it is to ensure the answer.

Question Posted / ngr

2 Answers
31203 Views
I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

Outstanding expenses and Provision for any expense will come under liability side...? Though i..

Answer / sudhansu dash

Outstanding expenses is a libility for the company which
has to pay in future date similary provision is also a
libility which company will make face the future expenses.

Outstanding expenses like, Telephone bill or elec. bill.
ect.
Provision for expenses like, we have a dispute regarding
telephone bill or salary payment etc. most of the time
these amount are payable amounts.

Both are the same in nature therefore we have to consider
this as Libility to the company or libility side of the
Balance Sheet.

Is This Answer Correct ?

43 Yes

3 No

Outstanding expenses and Provision for any expense will come under liability side...? Though i..

Answer / anjan kumar

Both outstanding expenses and provision for any expense
will be treated as liability for the future period, hence
it will be treated as liability and shown in the liability
side under the heading current liabilities and provisions
of the balance sheet of the company.

Is This Answer Correct ?

20 Yes

4 No

Post New Answer

More Accounting General Interview Questions

what is meant by deferred revenue expenditure?

3 Answers Genpact,

what is factoring

1 Answers Capital IQ, Pyroferus,

what is prudence

2 Answers

I am confused with Capital Account and Drawings Account. Please show me "the general Journal Entries" and "Owner's Equity in Balance Sheet". (1) The owner increased his investment in the company by $10,000. (2) The owner increased his investment in the company by $10,000.

2 Answers

Accounting for vc money in financials

0 Answers

Golden rules of Accounts

3 Answers Chartered Accountant,

who issues the accounting standards?

4 Answers ABC,

What is the Difference between Balance Sheet and Trail Balance ?

6 Answers Genpact,

How many types of business transactions are there in accounting?

0 Answers

how to calculate ESI,PF,PRO.TAX, INCOME TAX, VAT, T.D.S, EXCISE PLEASE SAY ANSWER IN DETAIL WITH PROPER UNDERSTANDING PLEASE SAY THROUGH WITH EXAMPLE