The
Definition Of

Outstanding liabilities

 Outstanding liabilities are those liabilities which have not been paid at the date of the balance-sheet.

Share it:

More from this Section

  • Bank reconciliation
    Bank reconciliation is the process of comparing the bank’s balance of an account with the company’s balance and explaining any differences to make them agree.
  • Manufacturing Overhead Costs
    A company has many types of overhead costs. It may recognize these costs daily, as in the case of machinery repairs and the use of indirect materials and indirect labor.
  • Overhead controllable variance
    Overhead controllable variance is the difference between normal capacity hours and standard hours allowed times the fixed overhead rate.
  • Copyrights
    The federal government grants copyrights which give the owner the exclusive right to reproduce and sell an artistic or published work.
  • Monetary unit assumption
    The monetary unit assumption requires that companies include in the accounting records only transaction data that can be expressed in terms of money.
  • Adjusted trial balance
    Adjusted trial balance is a list of accounts and their balances after the company has made all adjustments. An adjusted trial balance shows the balances of all accounts...
  • Insurance
    Insurance is a means of protection from financial losses due to fire, theft, and other unforeseen events. Companies purchase insurance to protect themselves from...