2.09 )Outstanding income is ...?
An asset / a Liability/an expense/All of these.
Answer; An Asset
Answers
Answer:
A Liability
Explanation:
Outstanding expenses are shown on the liability side of the balance sheet. Outstanding expenses are added to the particular expenses in the current year. ...
Answer:
An asset is the correct answer.
Explanation:
Outstanding financial gain is outlined as that financial gain that's due to be received, however hasn’t however been received.
Outstanding financial gain is that the financial gain that's due and is being attained however not nevertheless received. The person/ firm has the legal rights to receive that a part of the financial gain that it's attained. Outstanding income is associate degree asset Account for the business/ the person.
According to the modern approach, for asset Account:
- When there's a rise within the asset, it's Debited.
- When there's a decrease in asset, it's Credited.
Accounting Treatment for Outstanding Income-
- Treatment in profit-and-loss statement
The Outstanding income is shown on the method of accounting of the profit-and-loss statement because the financial gain is attained for this year however not yet received.
- Treatment in balance sheet
Outstanding financial gain is associate degree asset for the business and therefore shown on the Assets aspect of the balance sheet.
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