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Preparing Financial Statements of NPO-I

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Question

Give the word / term or phrase which can substitute each of the following statement.

Income which is received before its due date.

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Solution

Pre-received or Unearned Income

Explanation: Income which is received before its due date is known as pre-received or unearned income. It represents the income that is received in the current year but it is not related to the current year. Such amount is shown on the Liabilities side of the Balance Sheet.

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