The amount of liability which is yet to be paid as on the balance sheet date is known as outstanding liability
outstanding expences is an current liability
rent is an expense while outstanding rent is a liability
Current Liability: Current liability is a specific liability and it is short term and mostly it is paid within the year. Total Liability: Total liability is the sum of all liabilities like current liabilities, outstanding liabilities etc.
Outstanding stock is an "owner's equity" account. It's on the same side of the accounting equation as liabilities, but it is not a liability.
what is outsand expenses
outstanding expences is an current liability
Because it is a liability for business
rent is an expense while outstanding rent is a liability
on liability side of
what is meaning of liability in accounting
Current Liability: Current liability is a specific liability and it is short term and mostly it is paid within the year. Total Liability: Total liability is the sum of all liabilities like current liabilities, outstanding liabilities etc.
Outstanding stock is an "owner's equity" account. It's on the same side of the accounting equation as liabilities, but it is not a liability.
Legal Liability. Liability.
what is outsand expenses
Absolute liability means that a party is responsible for damages or injuries regardless of fault or intent. This legal doctrine holds individuals or entities strictly liable for harm caused, often in cases involving hazardous activities or products. It removes the need to prove negligence and focuses solely on the harm inflicted.
Outstanding expenses are those which are yet to be paid in current financial year. Journal entry would be Expenses a/c dr to Outstanding expenses a/c Outstanding expenses should be crecdited because its a liability for the company.
wages unpaid or owed