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Accrued Expenses - a liability acct. for incurred exp. but not yet paid
Accrued Revenues - an asset acct. for earned revenue but not yet received
Prepaid Expenses - an asset acct. for expenses paid in advance but not yet incurred
Unearned Revenues - a liability acct. for cash received in advance but not yet earned
Accrued expenses and Accrued revenues are those expenses or revenues which already have been incurred but are yet to be recognized in books of accounts e.g. electricity bill is continuously accrued during the whole month may be each minute but is only recognized when recorded in books of accounts on receipt of Invoice. Similarly, revenues are accrued when the product is delivered or service is provided.
Prepaid expenses are assets which will be amortized over a period of time and recognized as expense e.g. when we load a prepaid card to our cell the amount is credited to our account which is an asset paid in advance to the cellular company and is amortized as an expense when we use the credit by calling our friends.
The unearned revenue is revenue which has already been received from the customer but the corresponding services are yet to be provided. The cellular company may receive revenue when we upload our prepaid card to our credit but its the company's unearned revenue and is a liability.
Accrued Expense is provisioning uninvoiced expenses for period ending.
Accrued revenue is recording of unbilled revenue for period ending, against delivered supplies & services.
Prepaid expense is assest booked for advance payment made for furture period expenses.
Unearned revenue is liability booked for advance money received for future period revenue.
Accrued expenses are those which are due on a specific date but not paid by company like monthaly rent.
Accrued revenues are those which has occured but not received yet.
Prepaid expense are those which you have paid in advance like prepaid rent.
Unearned revenue is the one against which you did not provide any service or supplies yet. In other word you did not transfere any risk and rewards to the counter party.
Accrued expenses are liability icurred but not paid for e.g rent and accrued revenue is an income incurred but not paid for.
Prepaid expenses are expenses being paid before they are incured e.g insurance.
Unearned revenues are cash received in advance.
Expenses due are expenses that were not paid in the same financial period, such as rents, workers' salaries, etc. The income due or unearned is income for the same period and not entered into the treasury of the establishment, either the expenses of the introduction are expenses for subsequent financial periods such as rents and others. Prepaid income is earned from revenues for subsequent financial periods which are not
Accrued expenses correspond to provisioned debts which must be ... It is thus a category of expenses which is situated midway between the debts and ... The accrued charges are attached to precise accounts according to the position of debts ... Recognition of the provision for paid leave (CP)
Accrued expenses are certain liabilities which are sometimes necessary ... expenses which concern the following year and for which the invoice has already been recorded. ... Second difference: writing charges recorded in advance ... to what happens in a writing of accruals, unless ...
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- Accrud Expenses:
An accounting expense recognized in the books before it is paid for. It is a liability, and is usually current. These expenses are typically periodic and documented.
- Accrud Revenue:
A balance sheet asset - it is revenue that has been earned, but which has not been paid for because the customer has yet to be billed.
- Prepaid Expenses:
It is an asset that arises on a balance sheet as a result of business making payments for goods and services to be received in the future.
- Unearned Revenue:
It is money received by an individual or company for a service or product that has yet to be fulfilled.
