Question

5. Explain the concept of outstanding expenses

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Answer 1

Answer:

An Outstanding Expense is a type of expense that is due but has not been paid. This expense becomes outstanding to the company when, this has taken the benefit, but the related payment has not been made simultaneously. Examples for Outstanding Expenses - Rent due but not yet paid.

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Answer 2

Answer:

Outstanding Expenses: These refer to those expenses which belong to and are incurred in the current accounting period but are left unpaid. ... These are basically the advance payments for the next year, which are made in the current accounting period.

Explain:

An Outstanding Expense is a type of expense that is due but has not been paid. This expense becomes outstanding to the company when, this has taken the benefit, but the related payment has not been made simultaneously. Examples for Outstanding Expenses - Rent due but not yet paid.

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