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Question
Give the word / term or phrase which can substitute the following statement.
Income which is received before its due date.
One Word/Term Answer
Solution
Pre-received or Unearned Income
Explanation:Income which is received before its due date is known as pre-received or unearned income. It represents the income that is received in the current year but it is not related to the current year. Such amount is shown on the Liabilities side of the Balance Sheet.
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Adjustments - Income Receivable
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