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Answer in One Sentence Only. What Do You Mean by Accrued Income? - Book Keeping and Accountancy

One Line Answer

Answer in one sentence only.
What do you mean by accrued Income?

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Solution

Income of the current year which is yet to be received by a business is known as accrued income. This is the income that a business earns during the current year but is not received in the same year. In short, this income is earned in the current year but is received in the next accounting year. This income is also known as Outstanding Income or Income Receivable or Earned Income.

Concept: Adjustments - Income Receivable
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 2 Partnership Final Accounts
Exercise | Q 10 | Page 64
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