Accounting Basics - Class 11 / B.COM / CA Foundation Outstanding Expense - Adjusting Entry - By Saheb Academy
Outstanding Expense - Adjusting Entry - By Saheb Academy Transcript and Lesson Notes
Here I have explained the concept of Outstanding Expense and it's accounting treatment in Profit and Loss Account and Balance Sheet in a simple way. Outstanding Expense is also known as Accrued Expense. ( Accrual ) I hav
Quick Summary
Here I have explained the concept of Outstanding Expense and it's accounting treatment in Profit and Loss Account and Balance Sheet in a simple way. Outstanding Expense is also known as Accrued Expense. ( Accrual ) I hav
Key Takeaways
- Review the core idea: Here I have explained the concept of Outstanding Expense and it's accounting treatment in Profit and Loss Account and Balance Sheet in a simple way. Outstanding Expense is also known as Accrued Expense. ( Accrual ) I hav
- Understand how accrual and prepayments fits into Outstanding Expense - Adjusting Entry - By Saheb Academy.
- Understand how adjusting journal entries fits into Outstanding Expense - Adjusting Entry - By Saheb Academy.
- Understand how financial statements fits into Outstanding Expense - Adjusting Entry - By Saheb Academy.
- Understand how final accounts fits into Outstanding Expense - Adjusting Entry - By Saheb Academy.
Key Concepts
Full Transcript
Here I have explained the concept of Outstanding Expense and it's accounting treatment in Profit and Loss Account and Balance Sheet in a simple way. Outstanding Expense is also known as Accrued Expense. ( Accrual ) I have shown how to pass Adjusting Entry and Reversing Entry with complete logical understanding. ⏱TIMESTAMPS 00:00 - Intro 01:05 - Recap of Previous Video 04:14 - Open Transactions 09:10 - Outstanding Expense 17:28 - Practical Example with Financial Statements 38:05 - Format of EXPENSE A/C with Outstanding Expense & Prepaid Expense Previous Video : Adjusting Entries Concept https://youtu.be/Z0LACfnMRds Download Adjusting Entries PDF https://t.me/sahebacademy7/361 Basic Accounting Playlist https://youtube.com/playlist?list=PLVjZhvcpvcGpzX-2re8U3MCVYbQzBWd06&si=oMk1Omek4cvA1Ios This is for the students of CLASS 11, B.COM, BBA, CA FOUNDATION, CA INTER, CMA, ACCA and any other accounting courses. Clear your doubts by direct messaging us on Instagram https://www.instagram.com/sahebacademy/ Please Like, Subscribe and Share this video on your social media account. #Accountancy #FinancialAccounting #Class11
Lesson FAQs
What is Outstanding Expense - Adjusting Entry - By Saheb Academy about?
Here I have explained the concept of Outstanding Expense and it's accounting treatment in Profit and Loss Account and Balance Sheet in a simple way. Outstanding Expense is also known as Accrued Expense. ( Accrual ) I hav
What key concepts are covered in this lesson?
The lesson covers accrual and prepayments, adjusting journal entries, financial statements, final accounts, acounting stuff.
What should I learn before Outstanding Expense - Adjusting Entry - By Saheb Academy?
Review the previous lessons in Accounting Basics - Class 11 / B.COM / CA Foundation, then use the transcript and key concepts on this page to fill any gaps.
How can I practice after this lesson?
Practice by applying the main concepts: accrual and prepayments, adjusting journal entries, financial statements, final accounts.
Does this lesson include a transcript?
Yes. The full transcript is visible on this page in indexable HTML sections.
Is this lesson free?
Yes. CourseHive lessons and courses are available to learn online for free.
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