Prepaid Expense
Prepaid expense is expense paid in advance but which has not yet …
Accrual Accounting
Prepaid Income
Prepaid income is revenue received in advance but which is not yet …
Accrued Expense
Accrued expense is expense which has been incurred but not yet paid. …
Accrued Income
Accrued income is income which has been earned but not yet received. …
Accruals Basis of Accounting
Financial statements are prepared under the Accruals Basis of accounting which requires …