- *recognized in a *financial reporting period, for which the related cash has yet to be received. The accrued revenue is recorded as either a *current or *long-term asset at the end of the financial reporting period, in line with the *accruals basis of accounting. For example, revenue on a contract to supply goods or services over several years would be recognized in progression with completion of the contract, and an appropriate, accumulated accrued revenue balance recorded on the balance sheet until the amounts were settled in cash.
Auditor's dictionary. 2014.
Look at other dictionaries:
Accrued Revenue — An asset class for goods or services that have been sold or completed but that have not yet been billed and/or paid for. Accrued revenue is income that has been incurred but not received, such as monthly rent that is due in arrears, or following… … Investment dictionary
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accrued income — income earned but not yet received nor past due. Also called accrued revenue. [1980 85] * * * accrued income, income earned but not yet received … Useful english dictionary
accrued income — income earned but not yet received nor past due. Also called accrued revenue. [1980 85] * * * … Universalium
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Matching principle — Accountancy Key concepts Accountant · Accounting period · Bookkeeping · Cash and accrual basis · Cash flow management · Chart of accounts … Wikipedia
Accrual — is derived from the verb , which describes the gathering or clustering of things together over time, as atoms, or it describes a general increase in number, as in interest. It also holds specific meanings in the contexts of accounting and payroll … Wikipedia
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