What do you mean by accure income and expense, deferred asset and liability, journal entries for the same.

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Accepted Answer

Accrued income and expenses are recognized but not yet received or paid, while deferred assets and liabilities are recognized but not yet earned or incurred.

Accrued income and expenses are recognized in the financial statements but not yet received or paid.
Deferred assets and liabilities are recognized in the financial statements but not yet earned or incurred.
Journal entries for accrued income and expenses involve debiting the relevant expense or income account and crediting an accrued liability or asset account.
Journal entries for deferred assets and liabilities involve debiting or crediting the relevant asset or liability account and crediting or debiting a deferred income or expense account.

What do you mean by accure income and expense, deferred asset and liability, journal entries for the same.

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