Outstanding liabilities are those liabilities which have not been paid at the date of the balance-sheet.
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Long-term investments are generally investments stocks and bonds of other companies that are normally held for many years. This category also includes investments...
- Audit Note Book
During the course of an audit, an auditor has to make several queries which might not have been satisfactorily answered, he might
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Budgetary slack refers to the amount by which a manager intentionally underestimates budgeted revenues or overestimates budgeted expenses in order to make...
- Activity-based costing (ABC)
Activity-based costing (ABC) is a method of allocating overhead based on each product’s use of activities in making the product.
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Purchase discount means a cash discount claimed by a buyer for prompt payment of a balance due. The credit terms of a purchase on account may permit the buyer to claim...
- Accrual-basis accounting
Accrual-basis accounting refers to an accounting basis in which companies record transactions that change a company’s financial statements in the periods in which the events occur.
- T account
T account is the basic form of an account. The T account is a standard shorthand in accounting, which helps make clear the effects of transactions on individual accounts.