Practice Outstanding Expenses - 10.6.4 | 10. Non-Trading Organisations | ICSE Class 11 Accountancy
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Knowledge

10.6.4 - Outstanding Expenses

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

Define outstanding expenses in your own words.

💡 Hint: Think about expenses that need payment but aren't yet settled.

Question 2

Easy

Why is it necessary to report outstanding expenses?

💡 Hint: Consider what misleading information could result from not reporting.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What are outstanding expenses?

  • A. Costs that have been paid.
  • B. Costs that have been incurred but not yet paid.
  • C. Future costs expected to incur.

💡 Hint: Recall the essence of what ‘outstanding’ means.

Question 2

True or False: Outstanding expenses do not need to be reported in the financial statements.

  • True
  • False

💡 Hint: Think about the potential implications of leaving these expenses unreported.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

Your organization has reported a surplus of $10,000 for the year. However, you discover that $2,000 was not accounted for in outstanding expenses. Discuss how this changes the reported surplus and the implication of these findings.

💡 Hint: What would happen to the trust levels if the organization misreported its financial status?

Question 2

A non-profit prepares its financial statements without considering $5,000 in unpaid utilities and salaries. Analyze how this oversight affects its financial health portrayal.

💡 Hint: Think about how stakeholders might react if they discover these inaccuracies later.

Challenge and get performance evaluation