Accrued income: Difference between revisions
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imported>Doug Williamson (Expand definition. Sources: linked pages.) |
imported>Doug Williamson (Expand definition. Sources: linked pages.) |
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It is an asset in the balance sheet. | It is an asset in the balance sheet. | ||
Future economic benefits are expected to flow to the reporting entity. Namely the future receipt from the customer. | (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. | |||
Revision as of 10:17, 28 July 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.
