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Question
Select the most appropriate alternative from those given below:
Outstanding expenses are shown on the _______ side of Balance Sheet.
Select the most appropriate alternative from those given below:
Outstanding expenses are shown on the _______ side of Balance Sheet.
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Solution
The correct option is A liabiltiy
Outstanding expenses are the expenses that are due but are yet to be paid. It is an obligation on the part of the company that is to be met. Hence, an obligation is a liability and will appear on liabilities side of the balance sheet.
Outstanding expenses are the expenses that are due but are yet to be paid. It is an obligation on the part of the company that is to be met. Hence, an obligation is a liability and will appear on liabilities side of the balance sheet.
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