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What is the difference between Accrued income tax and deferred income tax?
Wiki User
∙ 13y ago
we dont have an idea either.
thanks wharton
Wiki User
∙ 13y ago
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What is the difference between accrued income and income in advance?
Accrued income is that where income is earned but amount is not received while income in advance is reverse of accrued income where amount is received in advance but services not provided yet.
Difference between accrued income and outstanding income?
Accrued Income is income that is earned by provided a service or the sale of a product but hasn't been received yet. Outstanding income is income that is yet to be earned.
What is the journal entry accrued income?
[Debit] Accrued income receivable [Credit] Accrued income
Journal entry for accrued income?
[Debit] Accrued income receivable [Credit] Accrued income
What does accrued income mean?
Accrued Income is an income already incurred but no payment is received yet.
What is the difference between accrued income and income in advance?
Accrued income is that where income is earned but amount is not received while income in advance is reverse of accrued income where amount is received in advance but services not provided yet.
Difference between accrued income and outstanding income?
Accrued Income is income that is earned by provided a service or the sale of a product but hasn't been received yet. Outstanding income is income that is yet to be earned.
Journal for Accrued income?
[Debit] Accrued income receivable [Credit] Accrued income
How do you account difference between depreciation as book and depreciation as tax?
This will be found under "deferred taxes" on the income statement.
What is the journal entry accrued income?
[Debit] Accrued income receivable [Credit] Accrued income
Journal entry for accrued income?
[Debit] Accrued income receivable [Credit] Accrued income
What does accrued income mean?
Accrued Income is an income already incurred but no payment is received yet.
Is accrued income posted as cr to accrued income and debit to sales account net?
no its the opposite Accrude income Dr. Sales Cr. Accrued income is income that has incurred but not yet invoiced.
What is the journal for deferred income?
There are two sides to the entry, upon cash receipt you debit cash, credit deferred income. To apply the deferred income, the entry is debit deferred income and credit revenue.
What is the difference between deferred income and accrued Income?
Accured income is nothing but income earned but not yet received .ex if a person invest some amount in bank, then the bank will give the interest on amount is after the maturity period.Deferred income (also known as deferred revenue, unearned revenue, or unearned income) is, in accrual accounting, money received for goods or services which have not yet been delivered.According to the revenue recognition principle, it is recorded as a liability until delivery is made, at which time it is converted into revenue.For example, a company receives an annual software license fee paid out by a customer upfront on January 1. However the company's fiscal year ends on May 31. So, the company using accrual accounting adds onlyFive months worth (5/12) of the fee to its revenues in profit and loss for the fiscal year the fee was received. The rest is added to deferred income (liability) on the balance sheet for that year.Deferred income shares characteristics with accrued expense with the difference that a liability to be covered later are goods or services received from a counterpart, while cash is to be paid out in a latter period,When such expense is incurred, the related expense item is recognized, and the same amount is deducted from accrued expenses.
How do you treat accrued income?
income receivable
Do states with no income tax like Texas have to pay deferred money to baseball players?
Deferred payments are negotiated between the team and the player and have nothing to do with a state's income tax laws.
