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Accrued income is income which the company has earnd but not yet received and shown as a current asset in balance sheet.
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.
no
Accrued interest which is to be received within 12 months is a current asset.
[Debit] Accrued income receivable [Credit] Accrued income
Accrued income is income which the company has earnd but not yet received and shown as a current asset in balance sheet.
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.
no
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.
Accrued interest which is to be received within 12 months is a current asset.
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
[Debit] Accrued income receivable [Credit] Accrued income
yes
Sure, why not. It is earned income.
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
Both Increase. Accounts Receiveable (asset) goes up as a debit and Sales (income) goes up as a credit.