State the meaning of:
(a) Outstanding expenses
(b) Prepaid expenses
(c) Income received in advance
(d) Accrued income

Explanation

(a) Outstanding Expenses - Outstanding expenses ar those expenses that ar still to be paid these ar the expenses that ar treated as liabilities (Current Liability) and augment the involved expenditure in Profit and Loss Account.


(b) paid Expenses - paid expenses ar those expenses that are paid prior to for subsequent yr, these ar the expenses that ar treated as Assets (Current Assets) and subtracted from the involved expenses within the current yr.

(c) financial gain Received prior to - These ar the financial gain that we've not attained however received prior to for subsequent yr they're treated as liability until the work is finished during this regard and subtracted from the involved financial gain in Profit and Loss Account and shown as a liability in record of current yr.

(d) accumulated financial gain - this is often the financial gain that we've attained within the current yr however still not received a similar. it's treated as assets and else to the involved financial gain within the current year to induce the particular profit figure for this year.