Question

Difference between outstanding expanses and prepaid expenses

Answer 1

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Answer 2

Outstanding expenses are expenseswhich are incurred but not yet paid. ...Outstanding expenses are shown in the balance sheet as a current liability and then recognized as expenseswhen they are paid in the next accounting period or periods.
Prepaid expenses are future expensesthat have been paid in advance. In other words, prepaid expenses arecosts that have been paid but are not yet used up or have not yet expired. ... As the amount expires, the current asset is reduced and the amount of the reduction is reported as anexpense on the income statement.
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