Download App

Adjustments in Preparation of Financial Statements — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountAdjustments in Preparation of Financial Statements1 Mark
Question
How are Outstanding Expenses shown in the Final Accounts?
✓

Answer

Outstanding Expenses are added to the relevant expense and shown either in the Trading Account or the Profit and Loss Account. They are also shown in the Balance Sheet on the Liabilities side under the main head Current Liabilities.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "1 Marks Question" from Adjustments in Preparation of Financial Statements→Adjustments in Preparation of Financial Statements — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Name the two main accounts maintained in 'Accounts from Incomplete Records'.
→
‘T' form presentation of financial statements is known as 'Horizontal form' or ‘Vertical form'?
→
List the distinctive advantages of a computer system over a manual system.
→
Give two examples of Capital Receipt.
→
What is the primary objective of financial statements?
→
What is Gross Profit?
→
Goodwill is classified under which class of assets?
→
Give the adjustment entry and accounting treatment of the following items while preparing financial statements:
  1. Outstanding Salaries.
  2. Accrued Interest.
→
What is meant by 'Grouping' and 'Marshalling'a Balance Sheet?
→
Give any two causes of Depreciation.
→