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What do you mean by Accrued Income?

There may be certain incomes which have been earned during the year but not yet received till the end of the year. Income like interest on investments, rent and commission etc. are normally earned by merchant during a particular accounting period but actually not received during that period. Such income items need adjustments before the preparation of final accounts. Such incomes should be credited to that particular income account. At the same time the income so earned but not received is an asset because the amount is still to be received.

Income and Expense Managing | Saving for Families

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