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Explain the following terms with examples :-
1) Outstanding Expense
2) Accrued Income
3) Unaccrued Income
No spamming pls
Explain the following terms with examples :-
1) Outstanding Expense
2) Accrued Income
3) Unaccrued Income
No spamming pls
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▶Ex- outstanding rent
✴Accrued Income=> The income which has been earned but not yet received.
▶Ex- Interest earned on a bond investment
✴Unaccrued Income=> When a businessman receives advance income up to the end of current year or when service will be rendered in the next year.
▶Ex- Unaccrued income Rs. 6,000