asset liability
Accrued income is an asset to the Organisation as It has earned the revenue but has not physically receive the funds for it by the end of financial year. It will be classed as a current asset.
Accrued income is income which the company has earnd but not yet received and shown as a current asset in balance sheet.
Interest income is part of revenue.
[Debit] Accrued income receivable [Credit] Accrued income
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
asset liability
An asset.
Accrued income is an asset to the Organisation as It has earned the revenue but has not physically receive the funds for it by the end of financial year. It will be classed as a current asset.
Accrued income is income which the company has earnd but not yet received and shown as a current asset in balance sheet.
Electricity expense is an expense account while accrued electricity payable is a liability account
Interest income is part of revenue.
liability
[Debit] Accrued income receivable [Credit] Accrued income
Accrued intrest is liability, accourding to ''IAS'' all expense should be recognise when they are occured and all revenue/income should be considered for the year in which they are belong.For example A usually get intrest on every 31st Dec of $1000 from x. it's year end 2007. x paid $2000 in the year 2007. in the year $1000 is accured intrest.
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income