Please clarify

kesha (...) (218 Points)

26 October 2012

Hello Everyone..

Can someone Please Explain me the Difference between the following:

1. Payable Expense & Outsanding Expense.

2.Extraordinary Items & Exceptional Items

Thanks in advance ...!

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4 Replies

Ankit (CA, CS) (3064 Points)
Replied 26 October 2012

Dear Kesha,

Payable and O/s expenses is the same (current liability which is accrued but not paid)

extraordinary items are those items of incomes which arise other than out of ordinary course of business.

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kesha (...) (218 Points)
Replied 26 October 2012

Thanks alot sir for the prompt Reply

Ankit (CA, CS) (3064 Points)
Replied 26 October 2012

you are welcome

Abhimanyu Bind (CA Final Student & Audit Assitant) (2051 Points)
Replied 26 October 2012

hi,

Exceptional items relate to material non-recurring items of

income and expense arising from circumstances such as:

- write-downs of inventories to net realizable value or of

property, plant and equipment to recoverable amount, as well

as reversals of such write-downs;

- restructurings of the activities of an entity;

- releases of provision

Etc.

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