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What is the nature of Outstanding Expenses?
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Answer / k.abinaya
Expenses which have been incurred but not yet paid during
the accounting period for which the final accounts are being
prepared are as called outstanding expenses.
Example: Trial balance shows salaries paid Rs.22000.
Adjustment : salary for march 2009,Rs.2000 not yet paid.
salaries a/c dr 2000
To salaries outstanding a/c 2000
| Is This Answer Correct ? | 84 Yes | 7 No |
Answer / a . kalyan
The expenses which have been incurred but not yet paid in
current year . but it paid in next year is called
outstanding expenses.
For example: The salaries not paid to employes for current
month that salaries paid in next month is called
outstanding expenses.
| Is This Answer Correct ? | 11 Yes | 1 No |
Answer / shafeeq
simply stated, the nature of outstanding expenses is that of
a liability. The liability which has been incurred for which
the payment has not yet been made
| Is This Answer Correct ? | 7 Yes | 1 No |
Answer / madhuri
outstanding expense is the expense which is due but not paid
yet..for e.g. HOUSE RENT DUE FOR THE CURRENT MONTH BUT NOT
PAID YET.. OUTSTANDING EXPENSE AND INCOME IS ONLY POSSIBLE
WHEN IT'S REVENUE IN NATURE....
| Is This Answer Correct ? | 8 Yes | 6 No |
Answer / naziya
it is from trading account. that is which was lended or may
be standing out, which was not recovered or yet to collect
from out is called as outstanding expenses. some times by
improper accounting too this may cause . and this
outstanding will be add in the next assessment year when it
was recovered. if not yet received it should be deducted in
profit and loss account .
| Is This Answer Correct ? | 0 Yes | 2 No |
Answer / vishal
last year exp paid in current year is called oustanding exp
| Is This Answer Correct ? | 11 Yes | 14 No |
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