Tag: earned or accrued income
Questions Related to earned or accrued income
Accrued income is also been called as ________.
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Outstanding income
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Outstanding expense
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Prepaid income
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Prepaid expense
It may happen that certain items of income such as interest on loan, commission, rent, etc. are earned during the current accounting year but have not been actually received by the end of the same year. Such incomes are known as accrued income. It is the income which has been earned during a particular accounting period, also known as outstanding income.
The recording of wages earned but not yet paid is an example of an adjustment that _____________.
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apportions revenues between two or more periods
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recordings an accrued expense
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recordings an unrecorded revenue
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None of the above.
Payment received from debtor _______________.
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decreases the total assets
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increases the total assets
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results in no change in the total assets
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increases the total liabilities
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decreases the total liabilities
The account of accrued income will be shown on _________ side.
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debit side of profit & loss account
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credit side of profit & loss account
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debit side of trading account
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credit side of trading account
It may happen that certain items of income such as interest on loan, commission, rent, etc. are earned during the accounting year but have not been actually received by the end of the same year. Such incomes are known as accrued income. The adjusting entry for accrued income is:
Income received in advance will be shown as ________.
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Current asset
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Current liabilities
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Fixed asset
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Fixed liabilities
Sometimes, a certain income is received but the whole amount of it does not belong to the current period. The portion of the income which belongs to the next accounting period is termed as income received in advance or an Unearned Income. Income received in advance is adjusted by recording the following entry:
Amount which has accrued but is still to be received.
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Outstanding Income
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Outstanding Expense
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Prepaid Income
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Prepaid Expense
It may happen that certain items of income such as interest on loan, commission, rent, etc. are earned during the current accounting year but have not been actually received by the end of the same year. Such incomes are known as accrued income. It is also known as Outstanding income. The adjusting entry for accrued income is:
When income is received but the whole amount of it does not belong to the current period it is called as:
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Pre-received income
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Outstanding income
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Capital income
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Revenue income
Sometimes, a certain income is received but the whole amount of it does not belong to the current period. The portion of the income which belongs to the next accounting period is termed as income received in advance. It is also known as Unearned Income or Pre-received Income. Income received in advance is adjusted by recording the following entry:
What are the other names for income received in advance?
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Unearned Income
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Accrued Income
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Pre-received income
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Both A & C
Sometimes a certain income is received but the whole amount of it does not belong to the current period. The portion of the income which belongs to the next accounting period is termed as income received in advance. The other names for income received in advance is known as an Unearned Income or Pre-received Income. Income received in advance is adjusted by recording the following entry:
Accrued income will appear on the ____ side of the balance sheet.
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Asset
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Liabilities
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Debit
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Credit
It may happen that certain items of income such as interest on loan, commission, rent, etc. are earned during the current accounting year but have not been actually received by the end of the same year. Such incomes are known as accrued income. The adjusting entry for accrued income is:
' Taxes owned but payable in the following period' should be classified as __________________.
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Accrued assets
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Accrued liability
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Prepaid expense
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Unrearned revenue
Examples of Accrued Liabilities Employees may have performed work but have not yet received wages. Interest on loans may be accrued if interest fees have been incurred since the previous loan payment. Taxes owed to governments may be accrued because they may not be due until the next tax reporting period.