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Difference between outstanding expenses and prepaid expenses?
Outstanding expenses are the expenses which have fallen due at the end of the accounting period but which has not been paid. Its a liability for the company and will be shown under the Current liabilities and provisions. Prepaid expenses are the expenses which paid during the year before its due. The money is paid out but its not due at the end of the period. Its an asset and will be shown under current Assets in the Balance sheet.
What is journal entry of outstanding expenses?
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.
Meaning of outstanding expenses?
what is outsand expenses
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
Difference between outstanding expenses and unexpired expenses?
Outstanding expnese is that expense which is already incurred but amount is not paid while unexpired expenses are those expenses for which payment is made in advance but actually expenses are not yet incurred.
Difference between outstanding expenses and prepaid expenses?
Outstanding expenses are the expenses which have fallen due at the end of the accounting period but which has not been paid. Its a liability for the company and will be shown under the Current liabilities and provisions. Prepaid expenses are the expenses which paid during the year before its due. The money is paid out but its not due at the end of the period. Its an asset and will be shown under current Assets in the Balance sheet.
What is Outstanding expenses journal entry?
Debit outstanding expensesCredit expenses payable
What is journal entry of outstanding expenses?
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.
Meaning of outstanding expenses?
what is outsand expenses
What is journal entry of outstanding expenses paid?
[Debit] Outstanding expenses [Credit] Cash / bank
Journal entry for outstanding expenses?
Today, I recorded outstanding expenses in our journal to reflect costs that have been incurred but not yet paid for. This helps us accurately track our financial obligations and ensure they are accounted for in our records. By noting these outstanding expenses, we maintain transparency in our financial reporting and can better manage our cash flow.
Difference between outstanding expenses and unexpired expenses?
Outstanding expnese is that expense which is already incurred but amount is not paid while unexpired expenses are those expenses for which payment is made in advance but actually expenses are not yet incurred.
Differnce between outstanding expenses and prepaid expenses?
prepaid expenses are paid in advance and they are called current assets.The outstanding expense is the unpaid money,still owed.
1 Current assets do not include a. cash b. debtors c. outstanding expenses d. prepaid expenses?
The answer is (C ) Outstanding expenses, as these are liabities of business and not an asset.
What is a denination of outstanding expenses?
madhar
What are outstanding expenses?
expenses that you still owe (have not yet been paid).
What is nature of outstanding expense?
see outstanding expenses r those expenses that runpaid at the end of accounting period like salaries,rent so they all come under nominal accounts which is "debit all expenses and losses and credit all gains". since they r unpaid hence they must be credited....
