Outstanding liabilities are those liabilities which have not been paid at the date of the balance-sheet.
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- Accrued expenses
Expenses incurred but not yet paid or recorded at the statement date are accrued expenses. Interest, rent, taxes, and salaries are typical accrued expenses.
- Temporary & Permanent accounts
Temporary accounts relate only to a given accounting period. They include all income statement accounts and the owner’s drawing account.Permanent accounts relate to one or more...
- Voucher register & Check register
An employee in accounts payable records the voucher which in a journal called a voucher register and files it according to the date on which it is to be paid.
- Extraordinary items
Extraordinary items are events and transactions that meet two conditions: They are (1) unusual in nature, and (2) infrequent in occurrence.
- Private/ Managerial accounting
Private or managerial accounting is an area of accounting within a company that involves such activities as cost accounting, budgeting, design...
- Materiality & Materiality principle
Materiality refers to the impact of an items’ size on a company’s financial operations. The materiality principle states that if an item would not make a difference...
- Off-balance-sheet financing
The practice of keeping leased assets and lease liabilities off the balance sheet is referred to as off-balance-sheet financing.