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

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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  4. Internal audit is
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