What do the accounting language prepaid and outstanding niggardly?
Answers:
prepaid you paid in the past paw for something and outstanding vehicle you hold something you owe.
Prepaid is an asset. For example: Car Insurance is paid previously the policy extent starts. Outstanding could be an asset or a liability. Examples: Outstanding Balances for Accounts Receivable are assets because ethnic group owe you money. Outstanding Balances for Accounts Payable are liability because you owe populace money.