What is an Outstanding Salary?

by Shipra
(Faridabad)

Q: What is the definition of outstanding salary??

salaries

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!

Best,

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?

A/c
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.

Best,

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

OR...





Advertise on ventoup.ru

Search this website:




All the lessons on this site and much, much more...

Available Now On


Get Your Degree!

Find schools and get information on the program that’s right for you.

Powered by


Subscribe to
The Student Accountant newsletter

Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you The Student Accountant.


Related pages


formula for fifoformula to work out profitjournal ledger trial balance financial statementscash flow statement format excelfifo method of inventory valuationcompleting the accounting cyclecollege accounting 11th editionperpetual lifo examplefactory overhead cost formulaaccounting quizzeswhat is the difference between debtor and creditormark up formulaproprietorship balance sheet formatwhat does inclusive of vat meangood books on accountingdirect method cash flow statement exampleperiodic stocktakingmarkup as a percentage of costhow to calculate budgeted cash receiptsexample of general ledger entries for accountingdebit and credit meaning in accountingfifo lifo calculatorperiodic inventory by three methodslifo and fifo accountingprovision for doubtful receivablesprepaid rent is an assetcalculating vat in excelwhat does cogs meancalculating cogsadjusting entries inventorynotes payable debit or creditpetty cash entryproveit excel test answerssample general ledger chart of accountssample of cash disbursement journaldistinguish between operating income and net incomefinancial accounting worksheetswhat does the abbreviation cf stand forprepare the journal entries to record this transactionclosing entries for inventoryrsa tax calculatoradjusting entries examplewhat is the meaning of bills payable and bills receivablescash flow statement templatenet income retained earningliability synonymclosing entries accountingaccounting p&l exampleaccounting synonymcashflow formathindi meaning of liabilitysales cogsrestaurant profit and loss statement sampleaccrual meaning accountingfifo inventory methodexcluding vat calculatoran important purpose of closing entries is toexamples of fifototal owners equity formulaaccounting worksheet examplebad debts entry in balance sheetwhat is the difference between notes payable and accounts payablejournal entry accumulated depreciationp&l statements for dummiespercentage markup on costlifo method advantages and disadvantagesaccountant starting salarysellbackbooks combasics of bookkeeping pdfbasic finance quizcalculation to remove vatbookkeeping transactionscash flow format indirect methodsundry creditowed meaning in tagalogkhan academy accounting basics