Question

31. What is meant by outstanding
expenses?
Your answer
32. What is final accounts?
Your answer
33. How is closing stock valued?
Your answer​

Answer 1

Answer:

31. An Outstanding Expense is an expense which is due but has not been paid. An expense becomes outstanding when the company has taken the benefit, but the related payment has not been made. Examples of Outstanding Expenses.

32 Final accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. All business transactions are first recorded in a journal. They are then transferred to a ledger and balanced. These final tallies are prepared for a specific period

33. Closing stock refers to the goods remaining unsold during the year. They are valued at Cost price or Market Price whichever is lower.

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