13 August 2018
Prepaid Income is an accounting concept that refers to a payment that has been received, but the asset has not yet been fully delivered, EG: advance received from debtors for supply or services.
Provision for Income is estimating of Income from all heads advance tax is worked out based on provisions of income.
14 August 2018
Accrued income is income which is earned during the year physically not received, EG. Interest on FD if it is falls between two different financial year, Bank will give interest on FD till end of Financial year but interest income. Actually received during Maturity it will be added to FD, Accrued income is taxable in the year of which accrued.
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