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Accrued Income

Accrued income is earnings whic has to be received in near future, Which is not yet recorded in the general ledger accounts.
  • Under the accrual basis of accounting revenues are reported when they are earned, even before receiving the cash.
  • Accrued income is recorded with an adjusting entry prior to issuing the financial statements.
  • For example, interest earned on a bond investmment.

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