PRC-1 · Chapter 4 · Question 20 of 100
In financial accounting terminology, the term 'Outstanding Expenses' strictly refers to:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Expenses which have been incurred in the current period but remain unpaid.
Explanation
Outstanding expenses is another term for accrued expenses, which are expenses incurred during the accounting period but not paid off by the balance sheet date.
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