Accenture Accounts Payable Associate Interview Questions, Process, and Tips

Outstanding income refers to income that has been earned but not yet received.

• Outstanding income is also known as accounts receivable.

• It is recorded as an asset on the balance sheet.

• Examples include unpaid invoices or payments that are still pending.

• It is important for businesses to manage outstanding income to ensure cash flow and financial stability.

Accrued income is revenue earned but not yet received or recorded in the accounting books.

• Accrued income is recognized as a current asset on the balance sheet.

• It is recorded through adjusting entries at the end of an accounting period.

• Examples include interest income earned but not yet received, rent income earned but not yet received, etc.