Accrued income: Difference between revisions
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imported>Doug Williamson m (Amend header.) |
imported>Doug Williamson (Expand definition.) |
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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 from the customer. | ||
It is an asset | It is an asset. | ||
(The related accounting entries being DEBIT Accrued income and CREDIT Revenue.) | (The related accounting entries being DEBIT Accrued income in the balance sheet, and CREDIT Revenue in the income statement.) | ||
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Future economic benefits are expected to flow from the asset to the reporting entity. | Future economic benefits are expected to flow from the asset to the reporting entity. | ||
Namely the future receipt from the customer. | Namely the future cash receipt from the customer. | ||
Revision as of 09:47, 9 August 2021
Financial reporting - balance sheet - assets - accruals accounting.
Accrued income is revenue earned by a business but not yet invoiced or received from the customer.
It is an asset.
(The related accounting entries being DEBIT Accrued income in the balance sheet, and CREDIT Revenue in the income statement.)
Future economic benefits are expected to flow from the asset to the reporting entity.
Namely the future cash receipt from the customer.
