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Adjustments in Preparation of Financial Statements — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountAdjustments in Preparation of Financial Statements1 Mark
Question
Why Provision of Outstanding Expenses is required?
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Answer

Outstanding Expenses are provided following the Accrual Concept of Accounting, i.e., expenses for the year, whether paid or not, should be accounted.

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