Oustanding in account - is it a liability or asset.?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 August 2016
Well, I came across this que in a interview.. written test.. the question was as below :
"Outstanding in Account - Is it a Liability or Asset"
Can anyone brief me the ans .?
"Outstanding in Account - Is it a Liability or Asset"
Can anyone brief me the ans .?
01 August 2016
Outstanding in Account is a Liability to the company as it may be like Salary outstanding, Expenses outstanding to be payable on the end of the period.
01 August 2016
some words are loosely used in Commerce.....what is receipt from one end is payment from other end......
so for all such questions it is better to ask the details before answering
the answer could be....if it is debit balance...it is asset
if it is credit balance.....it is liability
so for all such questions it is better to ask the details before answering
the answer could be....if it is debit balance...it is asset
if it is credit balance.....it is liability
01 August 2016
generally outstanding means liability. but for clear impact we have to look the type of account.
01 August 2016
OUTSTANDING is adjective...it can be for expenses as well as income.
It can be asset as well as liability.
It can be asset as well as liability.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- TAN for Partnership
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- E way bill for tractors
- STCG FOR GOLD ETFs
- Specified Profession
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
