Outstanding Expenses is shown on the _______ side of the balance sheet.

Assets

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Liabilities

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Both

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None of the above

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Solution

The correct option is C Liabilities
The above entry opens a new account called Outstanding Expenses which is shown on the liabilities side of the balance sheet. The amount of outstanding expenses is added to the total of expenses under a particular head for the purpose of preparing trading and profit and loss account.

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Expense outstanding on the date of balance sheet is shown on ______

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