WebApr 11, 2024 · A liability is a financial obligation or debt that a company owes to others. In contrast, an expense is the cost of goods or services consumed to earn revenue. … WebMar 28, 2024 · Liability: A liability is a company's financial debt or obligations that arise during the course of its business operations. Liabilities are settled over time through the …
Assets and Liabilities: Difference, Meaning, Classification, Videos
WebTennessee HB316 2024-2024 This bill enacts the Money Transmission Modernization Act for the following purposes 1 Promote coordination among the states in all areas of regulation licensing and supervision to reduce regulatory burden and more effectively utilize regulator resources 2 Protect the public from financial crime 3 Standardize the types of … WebDec 15, 2011 · Study now. See answer (1) Best Answer. Copy. Outstanding expenses are the expenses which have fallen due at the end of the accounting period but which has not been paid. Its a liability for the ... covey fourth generation time management
Outstanding Expenses - Meaning, Examples, and FAQs - Vedantu
WebAnswer (1 of 2): An expenditure which have been incurred during the year but the benefit of which will be enjoyed during the next year is called an outstanding asset. Outstanding … WebJun 19, 2024 · The above entry recognizes rent expense for the period for which the property has been held and at the same time it creates a liability for the unpaid rent. Rent payable liability is classified as short term or current liability in the balance sheet because it is highly expected to be met within one year period of the date of its creation. WebOutstanding rent is considered as current liability in accounting. Therefore, it is not an asset. Also read: Outstanding Expenses; Learn about more questions and answers on business studies and various other commerce topics from our website. Suggest Corrections. 1. Similar questions. brick house oroville menu