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I think i can say it in a sample Definations as below :-
1) Its expenese we use it first but we pay it in advance ( Expamle :- Mobile Card / Rent ).
2) Accurual , we receive the Goods Or the Service finished but not Paid Yet ( Purchase Not Cash ).
3) A/PMT , we pay first according to the deal with the suppliers according to our Purchase section.
Salaam Wali Kum Hakim,
1) Prepaid: Expenses which are paid in financial year say, but the benefit of that expense is stll not utilized fully in that particular year so we carry forward that to next year.
2) Accrual: it means we have either earned an income or made an expense but we have not received payment from customer or made the payment to suplier0 .
3) Advance payment: Payment made in advance for the service
Prepaid = Amount paid for the expenses to be accrue in the subsequent period/months/Financial years. Example Insurance Premium paid for a period lapping in two different financial years
Accrual : - Expenses are accrued but are paid in the subsequent financial period/year/month
Example - Salary for a month of March'2014 paid in April'2014.
Advance Payment to the Suppliers : - Any consideration paid to the supplier towards the services or material to be rendered or supplied in the subsequent period or fiancial year.
Example : - payment made to the supplier against the order of goods.
Prepaid is deferals in which the actual transaction occured and its effect is posptponed to a later period. Accruels means relaisation of income or expense with observing an actual transaction.
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