What is an Outstanding Salary?

by Shipra

Q: What is the definition of outstanding salary??


A: Outstanding salaries are salaries that are due and have not yet been paid.

For example, the staff of ABC Corporation have worked for the month of April. It is now the 3rd of May and they still have not been paid, so the salaries are "payable" or "owing" or "outstanding" (all the same thing).

"Salaries outstanding" or "salaries owing" or "salaries payable" is a liability and in particular an accrued expense.

Hope that helps!


Comments for What is an Outstanding Salary?

Click here to add your own comments

Outstanding salary - Representative Personal account
by: Anonymous

Outstanding salary will come under Personal account. Personal accounts are subdivided into Natural account, Artificial account and Representative account. Outstanding salary comes under Representative account.

An account which represents a particular person or group of person is representative account.

Does outstanding Salary comes under real,personal or nominal
by: Sara

What is outstanding salary real, personal or nominal?

by: Anonymous

Why does outstanding salary come under expense?

No it does not come under expense, it is a liability.


Question on Outstanding Salary
by: karthik

Which account does the "outstanding salary" belong to???

You can call the account "Salaries Payable" or "Accrued Salaries" or "Outstanding Salaries." All of these mean the same thing. It is a liability account.


Outstanding Salary Description
by: urmila

If workers of an organisation give the organisation the service they need but for two or more months and the organisation did not pay the workers for their services is called ''outstanding salary.''

Click here to add your own comments

Return to Ask a Question About This Lesson!.

Enjoying this Website?
Help Support it with a Donation


Advertise on ventoup.ru

privacy policy

Related pages

profit markuppreparing income statement from trial balancepetty cash formatrules of debits and creditsnormal balance for expensecreditors vs debtorsantonym of periodicassets in a companyperpetual inventory journal entries examplejournal entry of accrued interestaccounting basics for studentscost of goods manufactured statementcashflow statement indirect methodproforma of cost sheethow to calculate direct materials costigcse accounting revisionincome statement p&lcounterfoilwhat are the books of accountingtypes of owners equityweighted average cost of goods soldsolved balance sheet problemsjournalising of household transactions for a monthexamples of ledger accountsjournal entry for bad debtfifo valuationhow to prepare a p&l statementjournal entry for sales and cost of goods soldfifo perpetual methodfull form of bbfassets liabilities equity equationspecimen of trial balancecost accounting formulasloan write off accounting treatmentdebtor reconciliationcash disbursement formulacreditors reconciliation templatesynonym sharinghow to calculate markup from cost and selling pricedouble entry bookkeeping examplessynonym of financialaccounting basics tutorial pdfmultiple step income statement showaccrued revenue journal entry exampletrading formulasadjusted trial balance closing entriesbasic accounting tutorialaccounting balance sheet equationfundamentals of accounting textbookvat excel formulaamortization expense on income statementjournal entry for accrualsnotes payable vs accounts payablejournal entry for bills payablecalculation for markupcarriage outwardsdebit ledgerfifo accountantincome statement common sizesteps in the accounting cycle in ordertypes of owners equitydifference between consolidated and combined financial statementsmarkup on cost calculatormeaning of cash discountjournal ledger trial balance financial statementsequation for cogsperpetual inventory vs periodic inventorydifference between capital and drawingsproforma of trial balancereverse vat formulawhat is meant by debtorsfinding markup percentageexamples of t accounts debits and creditsbest accounts booktemplate for income statement and balance sheetsteps of accounting cycle in ordergaap bad debtaccounting equation worksheet templateweighted average cost accountinghow to prepare an accounting worksheetdoes bad debt expense go on the income statement