Question

what are made for outstanding and prepaid expenses and income​

Answer 1

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Hence,Outstanding and prepaid expenses and incomes are taken into account in determining profit or loss under mercantile /Accrual system of accounting.

Explanation:

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Answer 2

Hence,Outstanding and prepaid expenses and incomes are taken into account in determining profit or loss under mercantile /Accrual system of accounting.

Prepaid expenses are any money your company spends before it actually gets the goods or services you're paying for. Prepaid revenue – also called unearned revenue and unearned income – is the reverse; it's money someone pays your company in advance of you doing the work.