[Solved] Outstanding expenses should be verified with the help of

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Outstanding expenses should be verified with the help of

a) Cash book

b) Balance book

c) Journal proper

d) None of the above

Answer: (c) Outstanding expenses should be verified with the help of the Journal proper. The outstanding expense is a personal account with a credit balance and is treated as a liability for the business. It is recorded on the liability side of the balance sheet of a business. For accounting accuracy, these expenses need to be realized whether they are paid or not.

More MCQ and Answers on Auditing

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