Difference Between Outstanding Income And Expenses

Difference Between Outstanding Revenue And Expenses Payable

Outstanding Income or Income Receivable is that income or revenue which is due and receivable against the services rendered as still the payment is not received from client. Outstanding Income is a current asset which is due within one year or less. It is shown on the balance sheet on assets side.

On the other hand, Outstanding Expenses Or Accrued Expenses are those expenses which are incurred by the business and gets the benefits but still the payment is not made at the end of the accounting period. These are Current Liabilities as these are payable by the business to outsiders during the accounting period. These are shown on balance sheet on liabilities and equity side under the section of current liabilities.