What is accrued expenses .and what is differance between
accrued Expenses & Accrued Income?
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Answer / h.r. sreepada bhagi
Accrued expenses refers to the expenses incurred or related
to a particular accounting period but paid for want of
bills. For example telephone for March, 2010, bill not
received in that month (due in the next month) & hence not paid.
Accrued Income refers to the income related to a particular
accounting period but not received
Both the accrued income & expense should be taken in to the
Profit & Loss Account of the period to which it relates.
Accrued income is receivable when it becomes due & likewise
accrued expense is payable when they become due.
When the money is received or paid, it will be entered to
Cash or Bank A/c & Customer's, Creditors or the outstanding
liabilities a/c as the case may be.
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Answer / dahlia
Acrrued Expenses and Accrued Income are an entity's
expenses and incomes or revenues that accumulate
throughout an accounting period.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / dhamu
Accured income and expenses is mercantile systems, This
income/expenses are not yet received in that particular
financial perion,it will be received in future
| Is This Answer Correct ? | 0 Yes | 1 No |
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