Question

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Explain the following terms with examples :-

1) Outstanding Expense

2) Accrued Income

3) Unaccrued Income

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Answer 1

✴Outstanding Expense=> The outstanding expense is are those expenses which are due but not paid.
▶Ex- outstanding rent

✴Accrued Income=> The income which has been earned but not yet received.
▶Ex- Interest earned on a bond investment

✴Unaccrued Income=> When a businessman receives advance income up to the end of current year or when service will be rendered in the next year.
▶Ex- Unaccrued income Rs. 6,000