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Oustanding in account - is it a liability or asset.?

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Querist : Anonymous

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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 .?
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Naveen Kumar R

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Naveen Kumar R (Expert)
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.
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Amol S Joglekar

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Amol S Joglekar (Expert)
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
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Gokul Sharma

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Gokul Sharma (Expert)
01 August 2016 generally outstanding means liability. but for clear impact we have to look the type of account.
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Amol S Joglekar

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Amol S Joglekar (Expert)
01 August 2016 OUTSTANDING is adjective...it can be for expenses as well as income.
It can be asset as well as liability.
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