Outstanding salary Welcome to your Outstanding salary Outstanding salaries is shown as___________? An Asset in the Balance Sheet A Liability By adjusting it in the P & L A/c Both B. and C. above Outstanding Expenses are related to- Current year Next year Last year None of these. Entries made at the end of the accounting period to correct and update the record of business transactions are called: Rectifying entries Closing entries Reversing entries Adjusting entries Expenses against which goods or services have been received but payment has not been made are called: Prepaid expense Deferred expenses Outstanding expenses Advance expenses Treatment of outstanding expenses in the trading and profit and loss account is: Added in respective a/c deducted in respective a/c Both of the above None of the above
