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Financial Statements – With Adjustments — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountFinancial Statements – With Adjustments1 Mark
Question
What is the need for providing outstanding expenses in final accounts?
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Answer

Outstanding expenses are provided as per the accrual concept of accounting according to which all expenses for the year, whether paid or not, should be recorded.

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