Oustanding in account - is it a liability or asset.?
This query is : Resolved
Querist : Anonymous
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 .?
"Outstanding in Account - Is it a Liability or Asset"
Can anyone brief me the ans .?
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
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
01 August 2016
generally outstanding means liability. but for clear impact we have to look the type of account.
01 August 2016
OUTSTANDING is adjective...it can be for expenses as well as income.
It can be asset as well as liability.
It can be asset as well as liability.
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