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2 cards from this section. Quick, good the night before a test.
Define outstanding expenses in your own words.
Think about expenses that need payment but aren't yet settled.
Why is it necessary to report outstanding expenses?
Consider what misleading information could result from not reporting.
What are outstanding expenses?
Recall the essence of what ‘outstanding’ means.
True or False: Outstanding expenses do not need to be reported in the financial statements.
Think about the potential implications of leaving these expenses unreported.
Your organization has reported a surplus of $10,000 for the year. However, you discover that $2,000 was not accounted for in outstanding expenses. Discuss how this changes the reported surplus and the implication of these findings.
What would happen to the trust levels if the organization misreported its financial status?
A non-profit prepares its financial statements without considering $5,000 in unpaid utilities and salaries. Analyze how this oversight affects its financial health portrayal.
Think about how stakeholders might react if they discover these inaccuracies later.
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