Accrued income: Difference between revisions
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imported>Doug Williamson (Expand definition. Sources: linked pages.) |
imported>Doug Williamson (Add link.) |
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Future economic benefits are expected to flow from the asset to the reporting entity. Namely the future receipt from the customer. | Future economic benefits are expected to flow from the asset to the reporting entity. | ||
Namely the future receipt from the customer. | |||
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* [[Accrual]] | * [[Accrual]] | ||
* [[Accruals accounting]] | * [[Accruals accounting]] | ||
* [[Accrued expense]] | |||
* [[Assets]] | * [[Assets]] | ||
* [[Balance sheet]] | * [[Balance sheet]] | ||
* [[Credit]] | |||
* [[Debit]] | |||
* [[Deferred income]] | * [[Deferred income]] | ||
* [[Financial reporting]] | * [[Financial reporting]] | ||
Revision as of 10:16, 16 September 2020
Financial reporting - accruals accounting.
Accrued income is revenue earned by a business but not yet invoiced or received.
It is an asset in the balance sheet.
(The related accounting entries being DEBIT Accrued income and CREDIT Revenue.)
Future economic benefits are expected to flow from the asset to the reporting entity.
Namely the future receipt from the customer.
