Outstanding expenses are recorded in which basis of accounting
Asked by admin @ in Accountancy viewed by 458 People
Name the basis of accounting in which outstanding expenses are recorded
Answered by admin @
Explanation:
Transactions which does not result in change in cash position are not recorded. Outstanding expenses means expenses which are yet to be paid (i.e. no change in cash position in respect of such transactions). Hence, under Cash Basis of accounting outstanding expenses are not recorded. Hope this helps.
Similar Questions
Accrual basis of accounting records revenues when they are
Asked by admin @ in Accountancy viewed by 439 persons
The accrual basis of accounting records revenues when they are:
Collected
Earned
Contracted
Readily Available For use
Adjusting entries are recorded when cash basis accounting is used
Asked by admin @ in Business viewed by 302 persons
Which of the following is false? Group of answer choices Under accrual basis accounting, companies record revenues when they receive cash and record expenses when they pay cash. There are …
Prepare accounting equation on the basis of the following
Asked by admin @ in Accountancy viewed by 455 persons
Prepare accounting equation on the basis of following
1. harsha started business with cash 2,00,000.purchased goods from naman for cash 40,000.3.solds goods to bhanu costing 10,000,12,000. 4.bought furniture …
A purchase of supplies on account is recorded in the
Asked by admin @ in Business viewed by 276 persons
On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account. At the end of January, Bravo had $600 of these supplies still …
Goodwill should be recorded in the accounting records only when
Asked by admin @ in Business viewed by 346 persons
Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.) (a) Fair value changes are not recognized in the accounting records. …
Accounting is not concerned only with the recording of transactions
Asked by admin @ in Accountancy viewed by 475 persons
Accounting is not concerned only with the recording of transaction .coment
Accounting records of a business enterprise is required by
Asked by admin @ in English viewed by 356 persons
Accounting records and information of business enterprise is required by which
Discount is not recorded in the books of accounts
Asked by admin @ in Accountancy viewed by 440 persons
Which discount is not recorded in the books of accounts?
Accounting does not record non financial transactions because of
Asked by admin @ in Accountancy viewed by 437 persons
Accounting does not record non-financial transactions due to
Where were the monthly accounts of the baker recorded
Asked by admin @ in English viewed by 270 persons
Where were the monthly accounts of the baker recorded?
What effect will this adjustment have on the accounting records
Asked by maham237 @ in Business viewed by 264 persons
Unearned Fees 6,375 Fees Earned 6,375 increase revenues reported for the period increase net income decrease liabilities All of these choices are true.
Under accrual basis accounting revenues are always recognized when
Asked by maham237 @ in Business viewed by 267 persons
Under the accrual basis of accounting:_________.
a. cash must be received before revenue is recognized.
b. net income is calculated by matching cash outflows against cash inflows.
c. events that …
Accounting is an art of recording classifying summarizing analyzing
Asked by admin @ in Accountancy viewed by 500 persons
The art of recording, classifying and summarizing is called:
(a) Journalizing (b) Accounting(c) Bookkeeping (d) Record Keeping
The accounts that records expenses gains and losses are
Asked by admin @ in Accountancy viewed by 528 persons
5. The accounts that records expenses, gains and losses is
a) Journalb) Ledgerc) Ledger postingd) Voucher
Date charge payment balance notes 1/31 $75 $0 $75 monthly fee 2/15 $6 $75 $6 payment; 2 movies purchased 2/28 $100 $0 $106 monthly fee, repair fee 3/31 $87 $0 $193 monthly fee; 4 movies purchased 4/30 $75 $0 $268 monthly fee; account suspended if you called him on may 15th to ask him to pay his outstanding balance and he refuses to pay, what would you do?
Asked by maham237 @ in Mathematics viewed by 287 persons
Most viewed questions in Accountancy
Saregama ltd invited applications for issuing 80000 equity shares
Asked by admin @ in Accountancy viewed by 4404 persons
Leena madan and naresh were partners in a firm
Asked by admin @ in Accountancy viewed by 4283 persons
Business started with cash 8000 and plant & machinery 3000
Asked by admin @ in Accountancy viewed by 3967 persons
Difference between fixed installment method and diminishing balance method
Asked by admin @ in Accountancy viewed by 3487 persons
Which of the following will result in shareholders wealth maximization
Asked by admin @ in Accountancy viewed by 3261 persons
Loan taken from dena bank should be credited to
Asked by admin @ in Accountancy viewed by 3221 persons
To show the cheque number while reconciling bank accounts press
Asked by admin @ in Accountancy viewed by 3106 persons
The current investment are valued on closing date at
Asked by admin @ in Accountancy viewed by 3063 persons
Enter the following transaction in the journal of mudit
Asked by admin @ in Accountancy viewed by 3051 persons
The major decision areas in supply chain management are
Asked by admin @ in Accountancy viewed by 3035 persons
Alfa ltd invited applications for issuing 75000 equity shares
Asked by admin @ in Accountancy viewed by 3021 persons
A company whose accounting year is the calendar year
Asked by admin @ in Accountancy viewed by 2970 persons
Bookkeeping mainly concerns with which part of accounting process
Asked by admin @ in Accountancy viewed by 2962 persons