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.
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