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what is the difference between outstanding & accrued?
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Answer Posted / dhaval
There is an inter-relationship among the word accrued, due
and outstanding .
For example, if the person is getting a salary of Rs.30000/-
per month in an organization, every day Rs.1000 will be
"ACCRUING", for the end of the month the entire amount will
become "DUE", and after completion of that month it will
become an "OUTSTANDING SALARY" for the organization.
That outstanding salary is a current liability for the
organization.
Outstanding expenses and income will shown in the balance
sheet as current liability and current assets respectively.
But accrued expenses and income will not shown in the
balance sheet.
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