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Question
State the meaning of Accrued income
Answer in Brief
Solution
Accrued Income: This refers to those incomes which have been earned during an accounting period but have not been actually realised in the current period.
These are also called earned incomes.
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Effects of Adjustments-Accrued Income
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RELATED QUESTIONS
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 |
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.
