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Accounts query

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what is the main difference between ACCURED and OUTSTANDING

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2 Replies

Nitin Bhuta (Chartered Accountants) (1253 Points)
Replied 24 May 2014

Difference between Accrued and Outstanding is mainly is as under:-

Term Accrued is often used with reference Income is which outstanding to be realised as on any date whereas Outstanding is often is used with reference to expenses which remains unpaid as on any date.

CA Prateek Garg (CA in Practice) (1444 Points)
Replied 24 May 2014

Accrued -> An income/expense is said to be accrued if related services are already rendered/consumed. Outstanding -> An income/expense is said to be outstanding if it is accrued but yet to be receive/paid.