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What is the difference between a prepaid account and an accrual account?
Wiki User
∙ 10y ago
In prepaid accounts cash is paid before and benefits are taken later while in accrual accounts benefits are taken before but cash is paid later.
Wiki User
∙ 10y ago
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What is the difference between a checking account and credit card account?
checking from bank fund & credit card prepaid by credit
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
What is difference between advance expenses and prepaid expenses?
i dont have any knowlege.....Nikita Gohil
What type of account is Prepaid Insurance?
Prepaid insurance is personal nature of account and amount in it is shown as current asset in balance sheet.
What is the difference between freight prepaid abroad and freight prepaid?
what is the difference between freight prepaid and freight prepaid abroad
What is the difference between a checking account and credit card account?
checking from bank fund & credit card prepaid by credit
What is the difference between prepaid unearned account?
Prepaid is that amount of expense which is paid in advance and expense not occured while unearned account is that amount where amount for services received in advance but services not provided.
How is a prepaid expense recorded in accrual accounting?
[Debit] Prepaid Expenses xxxx [Credit] Cash / bank xxxx
What is the difference between prepaid account and unearned account?
A prepaid account is one in which the amount paid for any cause is posted,the benefit for which relates to the forthcoming financial periods. Whereas, an unearned account is the one in which the amount posted is unearned in the sense that the money has been received, but the benefit for which hasn't been provided yet.
What is the difference between prepaid and fixed term contract?
Prepaid is the same as fixed term!
What type of account is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account type is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
What type of account is Prepaid Rent?
balance sheet as a current liability until it's earned, when you transfer the amount earned to revenue.
Is audit prepaid expenses entry come in income statement?
Prepaid expenses are not part of income statements, in accrual accounting income and expenses are only shown in income statements when they are actually incurred.
Is Prepaid expenses considered a nominal account?
Yes, prepaid expenses should be a nominal account. Prepaid expenses are not assigned to a particular organization, but rather a category.
