Outstanding liabilities are those liabilities which have not been paid at the date of the balance-sheet.
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- 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.
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.
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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 is a means of protection from financial losses due to fire, theft, and other unforeseen events. Companies purchase insurance to protect themselves from...