Difference Between Outstanding Income And Expenses
Difference Between Outstanding Revenue And Expenses Payable Outsta nding Income or Income Receivable is t hat i ncome or revenue w hich is due a nd receivab le agai nst t he services re n dered as still the payme nt is not received from client. Outsta nding Income is a current asset w hich is due wit h in one year or less. It is s how n on t he b ala nce s heet on assets side. O n t he other ha nd, Outsta nding Expenses Or Accrued Expenses are t hose expe nses w hich are i ncurred b y the b usi ness and gets t h e b e nefits b ut still th e payment is not made at t h e end of t h e accounting period. T h ese are Current Liab ilities as th ese are payab le b y th e b usi ness to outsiders during t h e accounting period. T hese are show n on b ala nce s heet o n liab ilities a nd equity side under t he section of current liab ilities.