Out standing income is an income which have not been received yet eventhoug the event been incurred
ex: mr A is agree to pay the sum of 1000Rs every month as a commission , he actually paid for 10 months, still he required to pay 2 months at the year end eventhough he not paid yet. balance of rs 2000 becomes an out standing income(current asset)
cash a/c dr 8000
outstanding income a/c dr 2000
To Commission A/c 10000 Accrued income is an income which has been accumulated or accrued irrestpective to actual Receipt, which means event incurred but cash not yet received
Ex: Interest on Fixed deposits: on the day of investments fixed deposits a/c dr 10000
To Cash/Bank a/c 10000 end of the year Accrued interest 1000
tO income from Fixed Deposits 1000
(10%interest) Fixed deposit value at the end of year 11000
prepaid income means liability for company and accrued income is asset of the company
prepaid income means company receiving income in advance
as well as accrued income means event is occur but we are not receiving income to company ,
Outstanding liabilities in accounting are expenses that have not been paid yet. Accrued liabilities are actually paid and accounted for.
Accrual income:
Sales incurred but amount is not received is accrued income
Accounts receivable:
When goods sold on credit to customers is cause of accounts receivable.
Computerized accounting is done using accounting software packages and spreadsheets to compile data; traditional bookkeeping is done in long form using ledgers and accounts receivable and accounts payable forms.
Yes. That accounts for all of the diversity in living things.
Interest earned on your account is paid to the account on the last business day of the calendar quarter. If the account is closed during a quarter, the interest accrued is paid on the closing date.
How do he seasons differ between the uae and USa?
accounts differ but they seem to agree on some form of Cancer.
Basically there are various methods of accounts payables and differ from company to company. most of the petty cash expenses are paid in cash and other payament is made through cheques.
Differ is a verb and different is an adjective.
Historical accounts of slavery vary widely because different cultures treated slaves differently. Accounts of slavery within the same culture may also differ due to the sources' perception and beliefs regarding slavery coloring their accounts.
Business Bank accounts work the same as personal accounts however they are in the name of a business and used to manage the deposits and withdrawals. There are usually limits to the number of items run through the account and will differ based on the monthly charge of the account.
i have on clue
accounts differ as schools have lengthy start-up times, but l833 is usually given.
true