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What is the difference between accrued income and income in advance?

Anonymous

∙ 11y ago

Updated: 9/21/2023

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.

Wiki User

∙ 11y ago

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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 difference between Accrued income tax and deferred income tax?

we dont have an idea either. thanks wharton

Journal entry for accrued income?

[Debit] Accrued income receivable [Credit] Accrued income

What is the journal entry 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.

Related Questions

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 difference between Accrued income tax and deferred income tax?

we dont have an idea either. thanks wharton

Journal for Accrued income?

[Debit] Accrued income receivable [Credit] Accrued income

Journal entry for accrued income?

[Debit] Accrued income receivable [Credit] Accrued income

What is the journal entry 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 an example of an current liability account?

Trade Creditors Accrued expenses Prov. for annual leave Prov. for taxation Income in advance

How do you treat accrued income?

income receivable

What is the difference between consumption and income?

the difference between income and consumption

How is accrued income resented in the financial statement?

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 asset or liability?

no

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