Outstanding expenses Account is ___________.

Real

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Nominal

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Personal

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

All of the above

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is D Personal
Outstanding expenses are those expenses which have been incurred and consumed during an accounting period and are due to be paid. Examples include outstanding salary, outstanding rent, etc. Outstanding expenses are recorded in the books at the end of an accounting period to show true numbers of a business.
Personal accounts are related to individuals, firms, companies etc. Personal accounts are classified into three subcategories: Artificial, Natural, Representative.
Representative personal accounts represent a certain person or a group directly or indirectly.
Outstanding expenses account is the representative personal account because it represents the outstanding expenses to a group of people. Hence, it can be classified as a personal account.

Suggest Corrections

Similar questions

Q. Outstanding expenses is a _________ account.

Q. Outstanding salary account is a _______ account.

Objective type Questions
Classify the following accounts under the types of personal, Real and Nominal account.

1) Life insurance premium A/c
2) Mr. Kulkarnis’s Capital A/c
3) Goods A/c
4) Freight A/c
5) Wages A/c
6) Goodwill A/c
7) Copyright A/c
8) Outstanding income A/c
9) Bank charges A/c
10) Outstanding expenses A/c
11) Sundry income A/c
12) Income receivable A/c
13) Export duty A/c
14) Furniture A/c
15) Import duty A/c
16) Free sample distribution A/c
17) Sundry expenses A/c
18) Discount A/c
19) Drawings A/c
20) Fixed deposit A/c
21) Profit on sale of furniture A/c
22) Office equipment A/c
23) Bank of India A/c
24) Machinery A/c
25) Carriage Outward A/c
26) Loss on sale of machinery A/c
27) Loan A/c
28) Deposits with MSEB
29) Loss by fine A/c
30) Legal expenses A/c

Q. Outstanding expenses are considered as a/an for the business entity.

Q. Outstanding Expenditure is a nominal account.

Join BYJU'S Learning Program