What Is The Other Name Of Outstanding Expenses?

What is the meaning of outstanding expenses?

An Outstanding Expense is an expense which is due but has not been paid.

An expense becomes outstanding when the company has taken the benefit, but the related payment has not been made.

Examples of Outstanding Expenses..

What is an honest person called?

truthful. adjective. a truthful person says what is true and does not lie.

What is an example of an accrual?

An example of an expense accrual involves employee bonuses that were earned in 2019, but will not be paid until 2020. … Therefore, prior to issuing the 2019 financial statements, an adjusting journal entry records this accrual with a debit to an expense account and a credit to a liability account.

How would you describe an outstanding person?

adjective. If you describe someone or something as outstanding, you think that they are very remarkable and impressive. Derartu is an outstanding athlete and deserved to win. Synonyms: conspicuous, marked, striking, arresting More Synonyms of outstanding. 2.

What is an outstanding account?

Accounts receivable refers to the outstanding invoices a company has or the money clients owe the company. The phrase refers to accounts a business has the right to receive because it has delivered a product or service.

What are outstanding qualities?

adj. 1 superior; excellent; distinguished. 2 prominent, remarkable, or striking. 3 still in existence; unsettled, unpaid, or unresolved.

What is a better word than excellent?

sterling, superlative, great, good, exemplary, exceptional, skillful, admirable, outstanding, magnificent, superb, accomplished, first-rate, attractive, finest, fine, distinguished, exquisite, capital, champion.

How do you record outstanding expenses?

Outstanding expenses are those expenses which are due in the current accounting period but not paid….Journal Entry for Outstanding Expenses.Expense A/CDebitDebit the increase in expenseTo Outstanding Expense A/CCreditCredit the increase in liability

What is accrued salary?

The term payroll accrual often refers to the wages earned by employees that are not yet paid. Payroll liability: Until paid to workers and other third parties, accrued payroll is recorded in the balance sheet as a liability.

What is another name of outstanding?

In this page you can discover 90 synonyms, antonyms, idiomatic expressions, and related words for outstanding, like: signal, preeminent, prominent, conspicuous, unusual, stellar, superlative, noticeable, observable, salient and dominant.

What expenses should be accrued?

Here are some common examples of expenses that can be accrued:Interest on loan(s)Goods received.Services received.Wages for employees.Taxes.Commissions.Utilities.Rent.

Why outstanding expenses are personal account?

Outstanding expenses account is the representative personal account because it represents the outstanding expenses to a group of people. Hence, it can be classified as a personal account.

How can I be outstanding in life?

8 Traits of Outstanding PeoplePurpose. Outstanding people are driven by a powerful sense of purpose both in their individual lives and in relation to the world at large. … Passion. Outstanding people back their purpose with an unrelenting energy of passion. … Perseverance. Nothing in life comes easy. … Choice. … Commitment. … Failure. … Support. … Optimism.

Can you accrue for future expenses?

An accrued expense is one that is known to be due in the future with certainty. … Other forms of accrued expenses include interest payments on loans, services received, wages and salaries incurred, and taxes incurred, all for which invoices have not been received and payments have not yet been made.