Outstanding expense Quiz Welcome to your Outstanding expense Quiz Outstanding and prepaid expenses and incomes are taken into account in determining profit or loss under _________________. Cash system of accounting. Mercantile system of accounting. Both (A) and (B). None of the above. Expenses against which goods or services have been received but payment has not been made are called: Prepaid expenses Deferred expenses Outstanding expenses Advance expenses Outstanding expenses are: Current Liability Fixed Liability Contingent Liability None of these Outstanding expenses are recorded in balance sheet as: Asset Liability Intangible asset Owner's equity Treatment of outstanding expenses in trading and profit and loss account is Added in respective A/c Minus from Respective A/c Both of these None of these Outstanding Expenses are related to- Current year Next year Last year None of these. 'Outstanding expense account' is _____ to record its journal entry. Ignored Debited Credited None Such expenses due but not paid are treated as _____ for a business Assets profit Loss Liability Outstanding expenses are those expenses which have became ..........during the accounting yea Payable Payed Received Receivable outstanding expenses in balance sheet_______ Assets side Liability side none Time is Up! Time's up
