What is a deferred credit?
A deferred credit could mean money received in advance of it being earned, such as deferred revenue, unearned revenue, or customer advances. A deferred credit could also result from complicated transactions where a credit amount arises, but the amount is not revenue.
A deferred credit is reported as a liability on the balance sheet. Depending on the specifics, the deferred credit might be a current liability or a noncurrent liability. In the past, it was common to see a noncurrent liability section with the heading Deferred Credits.
About the Author: Harold Averkamp (CPA) has worked as an accountant, consultant, and university accounting instructor for more than 25 years.He is the author of the 2010 Master Accounting Download Package which has been praised for it's ability to simplify accounting in a way that anybody can understand.
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What causes accounting errors; and what is the difference between an accounting misstatement, and an accounting fraudelant misstatement?
send me some note of definition of accounting
PLEASE SEND ME A CHART OR A TABULAR FORM FOR AGEING REPORTS AND DEFFERED REVENUE FOR PAYMENTS
NOT RECEIVED AS PER CREDIT PERIOD FROM A COMPANY . UNEARNED REVENUE FOR CUSTOMER ADVANCES. THANK YOU