Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 35 - No. 30)
What is the impact of adjusting for accrued income on the balance sheet?
Increases assets and decreases liabilities.
Increases assets and increases equity.
Decreases assets and decreases liabilities.
Decreases liabilities and decreases equity.
Explanation
Accrued income increases an asset (receivable) and increases equity (retained earnings).
Comments (0)
