Deffered income and deferred revenu

prepaid is the term genrally used in short term time perioed where as deffered is the word used for a expenses which benifits for a long term time perioed.

deferred revenue is a liability account used to collect deposits & cash receipts prior to the completion of the sale. deferred expenditure is an expenditure for which payment has been made or a liability incurred but which is carried forward on the presumption that it will be of benefit over a subsequent period or periods.

Prepaid Income and prepaid expenses -

its an income received in adavance or expense paid in advacnce before its due - short term

 

Deferred revenue and deferred expenses

its a revenue received in advance or expences paid in advance - long term- which will be written of in parts over the period during which the benefit will acccrue.