difference between outstanding income and accrued income?
'Outstanding Income' represents the income whichis earned and due but is not yet received. That means income has been earned but the payment has still not been received. For example, suppose I receive my monthly salary on 1st of every month. So, I receive the salary for the month of August on 1st September. But, let's think that 1st Sepetember happens to be a Sunday, which means that I will receive my salary on 2nd September. Thus, in this case, the salary for the month of August can be regarded as an outstanding income (salary). This is simply because I have earned the income by working for the whole month but still the income is not received.
'Accrued Income' on the other hand represent the income that has beenearned but not yet due. That means income has been earned but the same is still not due for payment. This is slightly different from the concept of outstanding income. Let's take an example. This time suppose that I receive my salary after every two months. This means that if I work for two months August and September, then I will receive the salary of these two months on 1st October. Hence, in this case, on 1st September, the salary for the month of August is regarded as Accrued Income. This is because although I have earned the salary for the month of August but the same is not due for payment as it will be paid only on 1st October.