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प्रश्न
Write one Word / Term / Phrase for the following statement.
The income which is earned during the year, but it has not been received during the year.
एक शब्द/वाक्यांश उत्तर
उत्तर
Accrued Income/Outstanding Income
Explanation: Certain incomes are earned during the current year but are not actually received by the end of the current year. Such incomes are known as ‘accrued incomes’ or outstanding income, i.e. income which is earned but yet to be received. For example, subscription outstanding at the end of current year is accrued income. It is added to the amount of subscriptions on the credit side of Income and Expenditure Account and is also shown on the Assets side of the Closing Balance Sheet.
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Effects of Adjustments-Accrued Income
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संबंधित प्रश्न
Match the following pairs:
| Group ‘A’ | Group ‘B’ | ||
| (1) | Accrued Income | (a) | Single Entry System |
| (2) | Impersonal Accounts are not maintained | (b) | Volatile Memory |
| (3) | RAM | (c) | Asset side |
| (4) | Agent who sells goods of Joint Venture | (d) | Charges paid for erection of New Machinery |
| (5) | Installation Charges | (e) | Liability side |
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(f) | Double Entry | |
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(g) | Non-volatile memory |
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(h) | Entitled for commission on sale |
State the meaning of Accrued income
