Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 42 - No. 16)
In the provided example, what does 'Income earned during the year' mean for accounting purposes?
The income that the company earned but has not received.
The company’s total revenue earned in the financial year.
Only money that's entered into the company's bank account.
Income earned from the business partners
Explanation
The company's total revenue earned during the year.
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