What is an outstanding salary account?

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Next Question:
Outstanding salary account is: ?
Posted by:
VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
17-October-2014

(a) Real account

(b) Personal account

(c) Nominal account

(d) None of the above

Accounting Auditing Cost Accounting Finance

Question added by Shamseer KM , Accounts and Admin Payroll , KBM Group
Date Posted: 2016/12/26

Upvote (1) Views (17) Followers (10) Answers (9) Report Question

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9 Answers

by ibrahim serag , foreign purchasing& Logistics Management Specialist at shams Group 2012- present , Shams industrial

Outstanding salary is representative personal account but salary is a nominal account since it represent expenditure. This is point wort noting since lot of confusion exists among various people in this regards .salary a/c dr.to outstanding a/c(salary for outstanding)This is called "adjusting entry" which is normally passed at the end o the year to take into account incomes and exp not received /paid but pertain to current year in tune with the accrual matching concept.

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