Question

Objective type questions :-
Answer in one sentence only.

What do you mean by accrued Income?

Answer 1

Income of the current year which is yet to be received by a business is known as accrued income. This is the income that a business earns during the current year but is not received in the same year. In short, this income is earned in the current year but is received in the next accounting year. This income is also known as Outstanding Income or Income Receivable or Earned Income.