Why outstanding expense, prepaid expenses, accrued income, unearned income not recorded in receipt and payment account?

Personal Skills Question

Rajnish Rajput answered 4 weeks ago
Prepaid expenses aren't included in theincome statement per Generally Accepted Accounting Principles That is, expenses should be recorded when incurred. Thus, prepaid expensesaren't recognized on the incomestatement when paid, because they have yet to be incurred.

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