Other Payabales And Other Receivables

Question 1

What is accrued expense

Answer 1

Is an expense relating to a particular accounting period which is unpaid at the end of that period

Question 2

What is a prepaid expense

Answer 2

An expense paid during the financial year which relates to a future accounting period

Question 3

What is accrued income

Answer 3

Income relating to a particular accounting period which has not been received at the end of the period

Question 4

What is a prepaid income

Answer 4

Income received during the financial year which relates to a future accounting period