What is prepaid & accrual accounting ,what is expense & income ,what is deferred revenue ,what is fixed assets ,what is accural

Question

Accepted Answer

Prepaid & accrual accounting, expense & income, deferred revenue, fixed assets, and accrual are all important accounting concepts.

Prepaid accounting involves paying for goods or services in advance, while accrual accounting involves recognizing revenue and expenses when they are earned or incurred, regardless of when payment is received or made.
Expenses are costs incurred by a business, while income is revenue earned by a business.
Deferred revenue is money received by a business for goods or services that have not yet been provided.
Fixed assets are long-term assets that a business owns and uses to generate revenue, such as property, equipment, and vehicles.
Accrual refers to the recognition of revenue or expenses when they are earned or incurred, regardless of when payment is received or made.

What is prepaid &amp; accrual accounting ,what is expense &amp; income ,what is deferred revenue ,what is fixed assets ,what is accural