Definitions – Accrued income vs deferred income Accrued income represents income that has been earned but not yet billed or…
Deferred income or deferred revenue represents advance payments received by an entity from its customer for the provision of a…
As per accrual basis of accounting, revenues and incomes are recorded when earned regardless of whether cash is received or…
Definitions – Cash sales vs credit sales Cash sales refer to the sales for which customers pay the consideration at…
Definition of revenue Revenue or income is the gross economic benefits earned by an entity from its main business activities.…