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Which statement best explains Accrued income?

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Question ID #25888 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium

Correct Answer: A. Income earned but not yet received
Accrued income: Income earned but not yet received

Question: Which statement best explains Accrued income?

A. Income earned but not yet received

B. Asset expected to be realized, sold or consumed within the operating cycle or specified short period

C. Obligation expected to be settled within the operating cycle or specified short period

D. Statement reconciling differences between bank balance per books and bank statement

Correct Answer: A. Income earned but not yet receivedAccrued income: Income earned but not yet received

Which statement best explains Accrued income? - MCQ Explanation

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Correct answer: A. Income earned but not yet received