Question

Outstanding expenses are shown on the liability side of the Balance Sheet. (State True or False)

Answer 1

it is true outstanding expenses are shown on the ......

Answer 2

Answer:

Yes, the above statement is true.

Explanation:

The reason being that these are a personal account of a company and these are treated as a liability for the business or the company.

The expenses whose benefits have been derived during the year and the expenses which have been incurred during the year but are yet to be paid are known as outstanding expenses.