Accrued income: Difference between revisions
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''Financial reporting - accruals accounting.'' | ''Financial reporting - balance sheet - assets - accruals accounting.'' | ||
Accrued income is revenue earned by a business but not yet invoiced or received. | Accrued income is revenue earned by a business but not yet invoiced or received. | ||
Revision as of 12:08, 29 October 2020
Financial reporting - balance sheet - assets - 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.
