Debtors are stakeholders who owe money to the business. Debtors are typically customers who have taken possession of goods or services from a business but have not yet paid the business for those goods and services. The English word debtor is derived from the Latin word 'debere' meaning 'to owe'. So in accounting, customers who owe money to the business are called debtors.
Accrued income refers to amounts that have been earned, but the amounts have not yet been received. The amount of accrued income that a company has a right to receive as of the date of the balance sheet will be reported in the current asset section of the balance sheet. It could be described as accrued receivables or accrued income.
Accounting principles are divided into two categories: 1. Accounting Concepts: Accounting Concepts are basic assumptions or conditions upon which science of accounting is based. 2. Accounting Conventions: Accounting Conventions include those customs and traditions which are followed up by an accountant while preparing a financial statement.