What do you understand by income received in advance?

Incomes which have been earned & received

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Income earned for providing a service or selling a product that is yet to be received.

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Incomes which are received but not yet earned

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None of the above

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Solution

The correct option is C
Incomes which are received but not yet earned

Incomes which are received but not yet earned are known as incomes received in advance.

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What do you understand by Accrued Income?

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