Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 12 - No. 42)
The purpose of accrued income is to record _______
The income that has been earned but not yet received.
The income that has been received but not yet earned.
The income that has been earned and received.
The income and payment of the income to the business.
Explanation
Accrued income is revenue that has been earned but not yet received in cash. It is an asset.
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