Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
1.1k views
in Accounts by (31.4k points)
closed by

State whether the following statement is True or False.

Outstanding expenses are shown on the liability side of the Balance Sheet.

Options

  • True
  • False

1 Answer

+1 vote
by (30.9k points)
selected by
 
Best answer

True

Explanation: The expenses that have been incurred during the current year but have been left unpaid until the date of preparation of final accounts are called outstanding expenses. These are shown on the Liabilities side of the Balance Sheet. So, outstanding expenses represent a firm’s obligations.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...