what is accured income
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Examples of accrued income – Interest on investment earned but not received, rent earned but not collected, commission due to being received, etc. Accrued income is also known as income receivable, income accrued but not due, outstanding income and income earned but not received.
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Deferred income is, in accrual accounting, money received for goods or services which has not yet been earned. According to the revenue recognition principle, it is recorded as a liability until delivery is made, at which time it is converted into revenue.
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